Cyprus is in the midst of trying to keep capital in the country, as smart individuals, companies and investors pull money from the troubled nation. The notion that savings could be taxed as a means to raise money was destroyed in parliament. An idea to tax pensions is probably dead on arrival. Aid from Russia, which was the last best hope for Cyprus, has not materialized.
Doubt over Cyprus’ financial future showed no sign of lifting Thursday, with officials reportedly set to introduce new legislation to try to prevent capital exiting the country, amid negotiations to shore up the country’s finances.
Laws to impose capital restrictions to stem deposit flight from the country and to set out new rules for insolvent banks will likely be put before the country’s parliament on Thursday.
The laws would be needed before the banks reopen their doors to customers — an event now reportedly to take place next Tuesday.
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
