EU Citizens Haircut Protest – you’re next!

Touching individuals’ savings and businesses’ operational budgets is not right. It doesn’t matter if you choose to call it ‘haircut’, ‘theft’, ‘bullying’ or ‘terrorism’, though it is all of the above. EU citizens and EU bank account holders, wake up! They did it to us in Cyprus and they can do it to you! Let…

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Cyprus deliberations with the troika on MOU

The Cypriot government announced that the negotiations with the troika on the formulation of the country’s adjustment program ended with the involved parties having concluded on the program. The Cypriot fiscal position is expected to move from a 2.4% primary deficit in 2013 to 1.2% surplus by 2016 and 4% thereafter. The government will undertake…

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Cyprus: New bailout plan with lower levy

The Cyprus return back to Troika and the  initial agreement achieved with the Eurogroup  at 16th of March. The Cypriot Government failed to present a new reliable plan to Troika, after the disposal bill, by the Cyprus Parliament, to impose a stability levy in all depositors, as part of the bailout program. The Mediterranean island…

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European Commission statement on Cyprus

Since the autumn of 2011, the possibility of assistance to Cyprus under a programme has been under discussion by the Cypriot authorities with the Commission. In July 2012, Cyprus formally asked for assistance under a programme. The need for assistance comes essentially from problems in the Cypriot banking sector which was unsustainably large for the…

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Cyprus’ Stability Levy: Another sad euphemism

Yanis Varoyfakis / http://yanisvaroufakis.eu They called it a ‘stability levy’, when they meant a tax on Cypriot depositors (including the savings of poor widows and small children) so that they spare holders of Cypriot government bonds (including hedge funds who are now having a party in Mayfair and New York) as well as minimise potential long-term…

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