March 17, 2013 at 17:28 PM EDT
Cyprus Agrees to Euro Zone Bailout Package – NYTimes.com
As suspected the PSI/bond tax/deposit tax has become more attractive politically than other tax hikes and spending cuts. And it is also deflationary/contractionary, though less so than other taxes. And yes, it destabilizes the banking system in general. >    >   (email exchange) >    >   THIS IS UNBELIEVABLE >    >    It is actually a devaluation without having really [...]

As suspected the PSI/bond tax/deposit tax has become more attractive politically than other tax hikes and spending cuts. And it is also deflationary/contractionary, though less so than other taxes. And yes, it destabilizes the banking system in general.

>   
>   (email exchange)
>   
>   THIS IS UNBELIEVABLE
>   
>    It is actually a devaluation without having really to devalue its currency.
>   
>    There will be a run on the banks in Italy, Portugal etc.
>   
>    Crazy………
>   

After Negotiations, Cyprus Agrees to a Euro Zone Bailout Package

In the early hours of Saturday morning, after 10 hours of talks, finance ministers from euro area countries, the International Monetary Fund and the European Central Bank agreed on terms that include a one-time tax of 9.9 percent on Cypriot bank deposits of more than $130,000, or 100,000 euros, and a tax of 6.75 percent on smaller deposits, European Union officials said.

Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here