Cyprus savers shafted with 10% levy

[Space_Chief]

The euro zone agreed on Saturday to hand Cyprus a bailout worth 10 billion euros ($13 billion), but demanded depositors in its banks forfeit some money to stave off bankruptcy despite the risk of a wider run on savings.

http://www.reuters.com/article/2013/03/16/us-eurozone-cyprus-idUSBRE92E02220130316

 

[ponder]

If it's anything like Greece then most of those people don;t even pay tax.

 

[Space_Chief]

If it's anything like Greece then most of those people don;t even pay tax.

There's a lot of Russian money there.

Cyprus residents do pay tax though. Woman on BBC (British woman) was just complaining how she pays Cyprus tax and now she must pay 10% of her money too.

 

[nfbs]

You can't charge people a fee on capital on top of there saving as it already has been taxed. If governments have the power to do that then there is no hope for any of us.

 

[ponder]

Cyprus residents do pay tax though.

Schite load of them just avoid tax, they are very lax.

 

[Yotch]

I was quite surprised to see that Japan's national debt as a percentage of GDP is much larger than that of either Cypress or Greece - they lead the world by a considerable margin.
http://en.wikipedia.org/wiki/List_of_countries_by_public_debt