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People In Cyprus Lining Up At ATM To Withdraw Cash Before Stunning Tax On Depositors [PHOTO]
People In Cyprus Lining Up At ATM To Withdraw Cash Before Stunning Tax On Depositors [PHOTO]
Joe WeisenthalMar 16, 2013, 17:31 IST
The big news today is that to bailout Cyprus, the country will impose a 10 percent tax on people with over 100K EUR in Cypriot bank accounts.
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Those with less than 100K will pay less of a tax.
Banks are closed until Tuesday (there's a holiday on Monday) but people are already lining up at ATMs, trying to take money out.
APPeople queue to use an ATM machine outside of a Laiki Bank branch in Larnaca, Cyprus, Saturday, March 16, 2013. Many rushed to cooperative banks which are open Saturdays in Cyprus after learning that the terms of a bailout deal that the cash-strapped country hammered out with international lenders includes a one-time levy on bank deposits. The move, decided in an extraordinary meeting of the finance ministers of the 17-nation eurozone in the early hours Saturday, is a major departure from established policies. Analysts have warned that making depositors take a hit threatens to undermine investors' confidence in other weaker eurozone economies and might possibly lead to bank runs. (AP Photo/Petros Karadjias)
