People in Cyprus with less than 100,000 euros in their accounts will have to pay a one-time tax of 6.75%, Eurozone officials said.
Those with greater sums will lose 9.9%.
"As good as money in the bank" just got a whole new meaning...The levy itself will not take effect until Tuesday, following a public holiday, but action is being taken to control electronic money transfers over the weekend.
Will this mark the death of CD's? on the other hand, they might just as well do the same with government bonds, couldn't they?
How can I protect myself when this scenario takes place in my country (or in any country I hide my money in) as well?
-freaking out -