Cyprus bailout by savers: This is just the beginning!

Cyprus bailout by savers: This is just the beginning!

Published on 17/03/2013

Is this a new wealth tax?

In what amounts to public theft, Cypriot depositors will have to pay towards the EU bailout announced last week. This, despite their being no legal agreement for the Cypriot government or the banks to do this to depositors. In a world short of capital, yet again, providers of it are being penalised.

Cyprus is being used as the guinea pig for what could be a new role model for future EU bailouts. Will it come to the UK if a bailout is required?

What are you doing to protect your wealth?

 

Bailout levy

– Depositors with less than €100K in their accounts must pay 6.75%

– Those with more than €100k in their accounts must pay 9.9%

– Depositors will be compensated with the equivalent amount in shares in their [insolvent] banks

– The levy is a one-off measure….

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