Cyprus - 9.99% tax on savings...

[maggi200]

So I feel this is unacceptable as it penalises the few who have made any savings.

It's ~7% on any personal savings under 100k euros and ~10% on any savings over this amount.

There have been thousands flocking to their banks to retrieve their money, but as I understand, their accounts have been frozen with a ban on any movement until Tuesday morning when the tax will be drawn.

So do you feel this is acceptable, or like me, feel this is unacceptable.

Hard times indeed, and something needs to be done, but I do not agree with the way this has been dealt with and the wrong people being dealt a very bad hand, whilst those people who have lived off debt get a better deal. Seems madness

 

[pritchp]

it's disgusting !!!!

if you have EARNT and SAVED your money.. it is YOUR money... therefore you should NOT be taxed on it.

perfect example of why some people keep their money in cash under the beds/in the loft etc

 

[DrDrew]

Aren't they getting in the bank shares in response?

Either way I still think it's outrageous and unacceptable.

 

[weebob]

It is disgusting, but I don't believe there should be any bail out as it doesn't fix the problem.

 

[pollard]

out of order. why not tax the government officials over there 10 percent as i am sure there money is now not saved in cyprus banks. And they didnt fix the problem.

 

[singlespeed]

^^ Thats probably true. Being as they were making the policy before the facts went public, the bankers and politicians who got them into the mess have probably moved their cash somewhere that the savings tax won't affect them

 

[Araf]

From what I understand, the banks will fail without a bail-out. There is no safety net in Cyprus, like there is here, whereby the Government guarantee some of your money, so if the bank fails, your money is gone anyway.

The Cypriot Government are going to help bail out the banks, but as so much money in there belongs to off-shore investors (who have never paid a penny of income tax into the Cypriot coffers), why should the Cypriot people (who fund their government in taxes) pay for all of the bail out in increased taxes?

I sympathise and agree that the principal is a dangerous one, but this taxes money that isn't being used, rather than taking food from the table of people who are truely poor.

The UK did a similar thing in the 70s, but then it was known as devaluing the currency. Something that Eurozone members cannot do.