The Phaserl


Cyprus Faces Bankrupty After Deposit Tax Fails

by Allison Crawford, Wealth Wire:

After widespread panic caused Cypriots to empty their bank accounts and protest a proposed tax on all bank deposits, citizens in the country are breathing a collective sigh of relief. On Tuesday, Cyrpus’ parliament unanimously rejected the bail-out plan, leaving officials scrambling to come up with another plan to raise the €10 billion ($13 billion) the country owes the European Central Bank. If a new plan is not put in place by Monday, the ECB has threatened to shut off Cyprus’ access to low interest loans crucial to keeping the country’s banks afloat.

Banks in Cyprus are currently closed in an effort to stave off additional withdrawals while officials work to reach an agreement. The government is considering strict measures to hold on to as much cash as possible. According to a report by Matina Stevis and Michalis Persianis:

The measures include imposing limits on daily withdrawals from bank accounts; capping the amount of money that can be electronically taken out of the country and making these transactions slower to clear; and introducing border checks to cap the amount of cash leaving the country.”

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