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Cyprus' government is reportedly proposing to skew the raid on bank deposits towards larger...

  • Monday, March 18, 4:00 AM ET
    Cyprus' government is reportedly proposing to skew the raid on bank deposits towards larger accounts, with one idea being to tax savings of under €100,000 at 3% instead of 6.7%, as initially planned. Deposits of over €100,000 would be levied at 12.5% instead of 9.9%. In return, savers would receive shares in commercial banks - whose possible collapse precipitated the need for the bailout - with equity returns guaranteed by expected income from natural gas discoveries.
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    Ah, moral gymnastics, EU style. So, if I steal someone's wallet and only take out 1/2 the credit cards and 1/2 the cash and then mail the wallet with the rest of the money/cards back to that person, then I'm not a thief? Yeah, right...only in the dark recesses of a EU bureaucrat's imagination.
    18 Mar, 05:31 AM Reply Like
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