The Cyprus issue is being blown way out of proportion. I read the following from a financial blogger earlier today:
Cyprus has a population of 1.1 millionThere are 370,000 bank accountsOf those, 360,000 have less 100,000 Euro, the limit on deposit insurance.The 370,000 bank accounts have total deposits of 68 billion Euros.The 10,000 with more than 100,000 Euros make up 55% of the deposits, or 38 of the 68 billion.Many of those 10,000 accounts are held by Russians or other non-Cypriots that are seeking tax shelters.*So maybe it’s not such a bad outcome for those 10,000 account holders to pay for the banks’ losses.
Marty Z about 11 years ago
The Cyprus issue is being blown way out of proportion. I read the following from a financial blogger earlier today:
Cyprus has a population of 1.1 millionThere are 370,000 bank accountsOf those, 360,000 have less 100,000 Euro, the limit on deposit insurance.The 370,000 bank accounts have total deposits of 68 billion Euros.The 10,000 with more than 100,000 Euros make up 55% of the deposits, or 38 of the 68 billion.Many of those 10,000 accounts are held by Russians or other non-Cypriots that are seeking tax shelters.*So maybe it’s not such a bad outcome for those 10,000 account holders to pay for the banks’ losses.Marty Z about 11 years ago
There’s a huge difference between being a socialist and being against money laundering and tax evasion.
I think your comment says a lot about you.