Cyprus Bailout confirmed ! €10 billion 60% of GDP .

Eurozone ministers have agreed a deal on a €10bn bailout,

What i have seen and heard suggest the deal will include a levy on deposits of more than €100,000 in Cyprus’s two biggest banks.

Levi could be up to 40% !!!! For one of the banks, and also they could be split into a good and bad bank

What’s been said is that accounts under €100,000 will have no levi on them , but any above could have a Levi over up to 40% , this looks like a huge bitter pill for those account holders.

Also Cyprus has now have capital restrictions, so we have 2 systems in the Eurozones at the moment !!

One key element of the deposit tax, demanded by the IMF, is that it not require a parliamentary vote.

This is a $22billion economy Cyprus according to the United Nations they are the96th largest economy in the world and third smallest economy in the EU .

Jim O’Neill Chairman,Goldman Sachs Asset Management is fond saying :

China (at least in 2011) was creating the equivalent of another Greece every 12½ weeks. China creates another Cyprus every week.

So since the Banks in Cyprus has been closed China has created the equivalent of the GDP in growth!!

Tony Evans

20130325-110536.jpg

  1. No trackbacks yet.

You must be logged in to post a comment.
%d bloggers like this: