30 March 2013/18 Jumada l-Ula 1434/10 Farvardin 1391/19 Yi-Mao (2nd month) 4711

Reports out of Cyrpus that bank accounts with more than $100000 USD are being ‘taxed’ by at least 60%.  Originally Cypriot officials, along with European Central Bank (ECB) and International Monetary Fund (IMF), said those accounts would be hit with up to 40% charge.

This unexpected increase is targeting the Bank of Cyprus specifically.  Apparently 37.5% of accounts are going directly as kickbacks to the ECB and IMF, and for those accounts at the Bank of Cyprus an additional 22.5% will go directly to the bank!

On 25 March 2013, the ECB, IMF and the President of Cyprus made a bailout deal that somehow did not need the approval of the Cypriot Parliament (the parliament voted down the first bailout offer).

The new deal imposes an even higher and outrageous tax on accounts with more than $100000, than the first bailout deal.  Also, while you can still deposit checks written to you, you can not cash checks.  Withdrawals are limited to $384 per day.  People traveling out of Cyprus are limited to $1282.  The government is trying to keep people from not only taking their money out of the banks, but from taking their money out of the country!