Cyprus bailout plan revised to reduce burden on smaller account holders
Protesters hold up their hands as they protest outside the parliament in capital Nicosia, Cyprus, Monday, March 18, 2013. / AP
NICOSIA, Cyprus Cypriot finance officials are revising a planned financial bailout to relieve small account holders from having to pay a charge on their savings in order to secure an international rescue of the country's troubled banks.
Cyprus residents make dash to remove cash from banks
Under a new draft bill discussed in Parliament's finance committee Tuesday, deposits below euro 20,000 ($25,900) would be exempt from any charge. Those between euro 20,000-euro100,000 would have a 6.75 percent levy imposed, and those above euro100,000 would have a 9.9 percent charge.
European officials have said euro5.8 billion of the euro15.8 billion rescue package must be raised by Cyprus.
The country's central bank governor recommended that no levy be imposed on accounts below euro100,000 the amount that is insured by the government.
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Looks like it won't be so easy to steal other people's money after all. It is a screwed up world when Putin is actually on the side of right for a change.
This will only be the beginning. When it comes time to retire not only will many of us be denied the social security funds they took from us over the years, they will also tell people you have to much in the bank, therefore we will be holding your 401k and redistributing to those who "need" it.
Wait and see.