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dipsydoodle

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29. Insiders: deposit tax could be added to legislation today

Fri Mar 22, 2013, 08:22 AM

Mar 2013

11.49am GMT

Cyprus insiders have confirmed to the Guardian that the original plan to tax bank deposits is back on the agenda today.

But it's likely that small savers with less than €100,000 in the bank would be spared (but that's not official)

The move comes growing criticism of the way Cypriot politicians have handled the crisis.

From Nicosia, Helena Smith reports:

Insiders are telling me that the tax levy may well be included in legislation MPs will be called to vote on later today.

http://www.guardian.co.uk/business/2013/mar/22/eurozone-crisis-cyprus-bailout-russia-vote

The figure they're looking at is 15% on a/cs greater than €100,000. Russian deposits are c. €60 billion. I they used 15% it would raise €9 billion ! Exactly what Russia may do about that is a different matter. It was mentioned days back that Russia is so pissed off with Germany they threatened to cut off / reduce the gas supply.

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Highlight:

ECB: cannot help Cypriot banks after Monday unless European-IMF aid program in place [View all] dipsydoodle Mar 2013 OP

surrender your national sovereignty ... dtom67 Mar 2013 #1

The Euro has got to go. fasttense Mar 2013 #2

It seems to me that the IMF is the problem, not the Euro. n/t Laelth Mar 2013 #3

It was the IMF who set the figure of �10 billion as being the maximum sustainable level dipsydoodle Mar 2013 #7

Interesting. Good to know. Thanks. n/t Laelth Mar 2013 #8

and the funny thing is this... indio55555 Mar 2013 #15

This is all being used as a club against Italy, really Yo_Mama Mar 2013 #11

In the absense of the Euro dipsydoodle Mar 2013 #5

However, it would enable a fall in the exchange rate muriel_volestrangler Mar 2013 #9

That's the old "pound in your pocket" chestnut from Harold. dipsydoodle Mar 2013 #32

"They are attempting to preclude an alternative offer from Russia." pampango Mar 2013 #4

See reference here dipsydoodle Mar 2013 #6

I see your point. pampango Mar 2013 #10

Here's a bit of news that Berlin Expat Mar 2013 #12

Yes it does Yo_Mama Mar 2013 #13

I agree that they could get a bailout from Russia only if Russia also provided the liquidity. pampango Mar 2013 #14

Good summary Nihil Mar 2013 #22

Cyprus Popular Bank: "Only A Few Hours Of Liquidity Left" Bosonic Mar 2013 #16

Laiki Bank Berlin Expat Mar 2013 #17

That's Laiki and its definately being restructured dipsydoodle Mar 2013 #18

Bloomberg reported Berlin Expat Mar 2013 #19

And this just in Berlin Expat Mar 2013 #20

welcome news! quadrature Mar 2013 #21

Cypriot capital controls details Bosonic Mar 2013 #23

We posted at the same instant by coincidence. dipsydoodle Mar 2013 #24

Draconian is a good adjective Bosonic Mar 2013 #25

Don't discount Russia's role in all of this CincyDem Mar 2013 #27

Russia has already declined to help Cyprus. DetlefK Mar 2013 #26

All in the name of good negotiation CincyDem Mar 2013 #28

Insiders: deposit tax could be added to legislation today dipsydoodle Mar 2013 #29

apropos cartoons Bosonic Mar 2013 #30

I like the haircut one. dipsydoodle Mar 2013 #31