Banking, finance, and taxes
Cypriot Parliament to Weigh In on Bank Account Tax
Published:
Last Updated:
The parliament in Cyprus may block the government’s attempt to seize money from the savings accounts of its citizens as a way to raise money to get access to bailout funds. If so, the anxiety about the action, and its possible effects on the plans of other financially weak EU nations, should drop.
Some analysts believe there could be a sort of contagion, if countries like Greece run out of options to close budget gaps. Cyprus does not have anywhere else to turn for the money, which is the primary reason it took such measures.
Cyprus’s parliament is unlikely to pass legislation taxing deposits which has prompted turmoil in its banking system, falling short on a condition for an international bailout, government spokesman Christos Stylianides said on Tuesday.
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.