Paradise lost

Published on 22 March 2013 at 16:54


On the pot: Banking crisis

And there was me thinking I was going to live in a TAX PARADISE

Almost a week after the Europgroup announcement of a €10bn aid plan to bail out banks in Cyprus, the situation remains uncertain and dangerous for the island.

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Since the Cypriot parliament's rejection of the plan, due to the tax on bank deposits, the government is negotiating a new deal with its European partners, the International Monetary Fund and Russia.

The financial system is surviving thanks to emergency funding from the European Central Bank (ECB), which the Bank is threatening to halt on March 25 if no acceptable plan is agreed.

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