‘Cyprus levy tipping point for Eurozone between safety & panic’

Cyprus may make its citizens shoulder a 12.5-percent crisis tax on savings larger than €100,000, while reducing the tax for smaller deposits to 3 percent, Reuters reported. Panic ensued as Cypriots rushed to withdraw savings. Global markets analyst Patrick Young says that EU’s proposition to encroach on personal as well as foreign bank deposits deeply endangers the banking system.

Categories: Business, Politics

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