Tuesday, March 19, 2013

Response from the tax on bank deposits in Cyprus.


Response from the tax on bank deposits in Cyprus.

In return for bailout of € 10 billion international creditors demanded from Cyprus to introduce special tax of 6.75% on all bank deposits under € 100,000 and a tax of 9.9% on deposits above this threshold, outraging depositors.
Eurogroup allow Cyprus to alleviate the conditions of tax deposits and depositors with deposits less than 100,000 euros to be protected
but one-time tax increase deposits over € 100,000 from 9.9 to 15%.
In Cyprus, setting a precedent for taxing the deposits and all that worried investors throughout the EU.
Strahoveta have that that such a tax may be imposed in the larger European economies such as Spain, Italy and France.
In Cyprus, some $ 68 billion, are foreigners, most of them about 35 billion of Russians, assuming the presence of over 18 billion dollars in dirty deposits of the Russian mafia.
Russia's reaction was not late: "The decision by the Cypriot authorities to introduce 10% tax on bank deposits like the confiscation of other people's money, and Russia will be forced to make" adjustments "in its relations with Cyprus, if the country impose a tax on bank deposits , "Russian Prime Minister Dmitry Medvedev.
The planned visit of the Minister of Finance of Cyprus, Michalis Sarris in Moscow was postponed.
Hopes of Cyprus were planning to discuss in Moscow and an increase in the volume of Cyprus has granted a loan from Russia the possibility of providing new credit and also potential interest in the Russian capital for the purchase of Cypriot banks.
This is now going to the twilight zone.
Russia's Finance Minister Anton Siluanov said the decision of the eurozone to impose a tax on bank deposits in Cyprus was taken without having previously led consulting Moscow.
The participation of Cypriot banks depositors in the restructuring program will save them from "significantly larger losses defaults" does the European Commission said.
 The ECB will provide unlimited liquidity because investors massively tried to withdraw their deposits, and Athens sent emergency in Cyprus € 5 billion.
Cypriot parliament has not yet decided to introduce the controversial tax but no serious opposition gathers and may vote.
Sick ideas depositors in banks in Cyprus also contribute to saving the country shaken serious nature of banking and threaten the euro and the Eurozone.
The stock market in Moscow bank stocks are impaired.
U.S. indices suffered heavy losses in the opening of the stock exchange on Monday, triggered by news of the proposed tax on bank deposits in Cyprus, aiming to fund rescue plan for the country, and only recovered at the end of the day.
Germans are satisfied.

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