The vote to “tax” deposits held in banks on Cyprus – essentially confiscating up to 10% of the balance has been rejected by the Parliamentof Cyprus. The “tax” was a demand by the EU, mostly demanded by Germany. It is thought about half of the deposits are from Russians.<\/p>\n
The vote? 0 votes for, 36 No and 19 voting present.<\/p>\n
The banks are closed until Thursday. Russians are expected to want to pull their money out, which will cause the banks to fail unless the European Central Bank steps in.<\/p>\n
Don’t panic.<\/p>\n","protected":false},"excerpt":{"rendered":"
The vote to “tax” deposits held in banks on Cyprus – essentially confiscating up to 10% of the balance has been rejected by the Parliamentof Cyprus. The “tax” was a demand by the EU, mostly demanded by Germany. It is … Continue reading