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View Diary: Cyprus imposes immediate tax on all bank deposits to avoid default (72 comments)

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  •  It's too late. Monday is a bank holiday and (2+ / 0-)
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    weck, johnny wurster

    the tax will be levied on Tuesday. After that some money will flee but it's simply been parked there in an offshore anyway. It wasn't helping local economy much.

    •  One can't conclude Cypus will not do this again. (8+ / 0-)

      People and businesses can no long trust their assets where Cyprus is the law.

      This confiscation of money does not solve the problems of Cyprus in any sense, their traditional tax revenues will now collapse.

      The only benefit from what will happen in Cyprus, if that the rest of Europe will find it easier to make the necessary structural reforms -- as the consequences will be what we will see in Cyprus.

      The most important way to protect the environment is not to have more than one child.

      by nextstep on Sat Mar 16, 2013 at 04:34:46 PM PDT

      [ Parent ]

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