Cyprus Seeks 11th Hour Deal
by Stephen Lendman
Grand theft is official policy.
When politicians conspire with bankers, ordinary people suffer most. Cypriot crisis conditions continue. One bad plan follows others.
The latest is unprecedented. Cypriot and Eurocrat officials are close to agreement. At issue is levying a one-time 20% tax on Bank of Cyprus deposits over 100,000 euros. Similar amounts in other banks will be assessed 4%.
Cyprus has to raise 5.8 billion euros by Monday. Otherwise emergency ECB funding will end. Eurocrats require it for a 10 billion euro bailout.
On Sunday, Cypriot President Nicos Anastasiades will meet Eurocrats in Brussels. They have final say.
Cypriot legislators enacted nine related laws. They include non-cash transaction restrictions, freezing check cashing, limiting withdrawals, and converting checking accounts into fixed-term deposits.