By: weatheringpoints, 4:49 AM GMT on March 17, 2013
Updated: 4:52 AM GMT on March 17, 2013
By: weatheringpoints, 7:21 PM GMT on March 16, 2013
Savers bear brunt of unprecedented Cyprus bailout
(Reuters) - The euro zone struck a deal 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 risks of a wider run on savings.
BBC News Europe reports: Shock in Cyprus as savers face bailout levy
People in Cyprus have reacted with shock to news of a one-off levy of up to 10% on savings as part of a 10bn-euro (£8.7bn; $13bn) bailout agreed in Brussels.
. . .
People in Cyprus with less than 100,000 euros in their accounts will have to pay a one-time tax of 6.75%, Eurozone officials said.
Those with greater sums will lose 9.9%.**
South Park aaand, it's gone!
Saved the best for last...
The Cyprus Bank Bailout Could Be A Disastrous Precedent: They're Reneging On Government Deposit Insurance
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