Banking, finance, and taxes
Big Cypriot Bank Depositors Should Brace for Big Losses
Published:
Last Updated:
Cyprus’s Finance Minister Michael Sarris told the BBC that large depositors with money in the nation’s banks could lose up to 40% in taxes and levies, much more than has been assumed recently. The cut was expected to be 15% or so.
The much larger amount likely would yield most of the money Cyprus needs to lock in aid from the European Union, European Central Banks and International Monetary Fund. However, it also will cause a collapse in the nation’s banking system, which is a process that already has begun. Most experts expect that when Cyprus opens its banks, depositors will attempt to take out whatever they can.
Cyprus’s Finance Minister Michael Sarris said on Tuesday big depositors in Cypriot banks could lose about 40 percent of their deposits as part of a 10-billion euro international rescue plan.
“It could be in that neighborhood but I do not want to anticipate it,” Sarris told BBC radio, adding the exact figure was yet to be decided. “But what I have seen suggests a number in that neighborhood.”
The Average American Is Losing Momentum On Their Savings Every Day (Sponsor)
If you’re like many Americans and keep your money ‘safe’ in a checking or savings account, think again. The average yield on a savings account is a paltry .4%1 today. Checking accounts are even worse.
But there is good news. To win qualified customers, some accounts are paying more than 7x the national average. That’s an incredible way to keep your money safe and earn more at the same time. Our top pick for high yield savings accounts includes other benefits as well. You can earn a $200 bonus and up to 7X the national average with qualifying deposits. Terms apply. Member, FDIC.
Click here to see how much more you could be earning on your savings today. It takes just a few minutes to open an account to make your money work for you.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.