Bailout terms shock Cypriots
AlJazeeraEnglish·Published on Mar 16, 2013
The president of Cyprus has been trying to fend off an angry backlash over a $13bn bailout for the banks. Under the deal, savers will be forced to hand over up to ten percent of their money in a one-off levy.
Al Jazeera's Gerald Tan reports.
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"negative interest"? Instead of the banks paying YOU interest, YOU have to pay the bank interest...on YOUR money? Money you DIDN'T borrow from them? This is beyond usury, this is beyond theft. Where are the libertarians on this? What would Milton Friedman say? Somewhere in Highgate Cemetery, Karl Marx is smiling in his grave, wagging his finger and saying; Ich habe dir gesagt ("I told you so"
Cyprus has been a Tax Haven for Ex-Pats for years I can see this putting an end to offshore hidden funds in Cyprus.
I don't think the residents of Cyprus should be penalised by the Banks however while it's clearly wrong I don't feel for the tax dodgers .. pot kettle black for me as I had an offshore A/C in the Channel Islands as I was an Ex-Pat and lived around the world for years then got slapped with an HMRC Investigation when I became resident in UK cost me £3k for a Tax specialist who paid HMRC £110 tax on interest for the over seas A/C and reclaimed £4k in UK Tax over payment. WIN 