Euro crisis

Cyprus: tax haven for the rich, poverty for the rest

On the morning of Saturday 16 March, the radio informed the million inhabitants of the island of Cyprus that a European aid plan had been agreed for the country that included the introduction of a tax of 6.75% on bank deposits up to €100,000 and 9.9% for deposits above that amount. Obviously, everyone rushed to the banks to withdraw their money. In vain!

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