Cyprus and EU Agreed Measures for Overcoming the Crisis

Cyprus and EU Agreed Measures for Overcoming the Crisis

According to Reuters, yesterday during the extraordinary meeting of the Eurogroup in Brussels the president of Cyprus and the EU representatives have reached the arrangements on providing financial aid for Cyprus.

Now for getting the loan Cyprus has to close one of the largest country’s banks (Laiki Bank) and to transfer all its deposits in the amount less than EUR 100,000 to the Bank of Cyprus. The amount of loan already received from the EU (about EUR 9 bln) has to be also transferred to the bank of Cyprus.

Additionally, the deposits exceeding EUR 100,000 to be blocked and taxed. Allegedly, the deposits in the Bank of Cyprus exceeding EUR 100,000 to be taxed at the rate of 20%, and the deposits in other banks exceeding EUR 100,000 – at the rate of 4%. The deposits of pension funds will be exempted from the tax on bank deposits. 

 

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