‘Wealthy Russians will finance Cyprus bailout’

Published on 22 February 2013 at 10:30


Cyprus needs €17.5bn euros to finance, among other things, its financial sector, according to the International Monetary Fund. The European Union's bailout package will be offset by increased taxes on corporations, personal income, capital revenues and property.
The measures will mainly concern wealthy Russians who in the last two decades have been flocking to the island to evade taxes back home.

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