Current Event Cat of the Day

Current Event Cat - Cyprus Bailout

Current Event Cat of the Day:

Cypriots may not have to hide their money in their mattresses after all. Parliament may veto the controversial tax on savings, or at least limit it to deposits over 20,000 euros. The proposed tax, designed to finance the bailout by the European Union and the International Monetary Fund proved suuuper unpopular among Cypriots, who immediately rushed to ATM machines to withdraw their savings.

The onetime tax would be applicable to all bank deposits with a 6.75 percent tax on deposits up to 100,000 euros and a 9.9 percent tax on those above 100,000 euros. Parliament is set to vote today on the tax, although the vote has already been delayed twice.

Via: Current Event Cats

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