Review: Agreement with Cyprus causes flight to safe haven Cyprus is in a tight spot as the country really needs the rescue package of EUR 10bn that the EU and the IMF has put together. Therefore, Cyprus has accepted a tax on deposits in its banking sector (final approval by the Cypriot parliament is, however, still pending). According to the agreement, a tax of 6.75% will be introduced for deposits below EUR 100,000, and higher deposits will be subject to a tax of 9.9%. The EU and the ECB has
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Agreement with Cyprus causes flight to safe haven