Would you apply the same logic to benefit cuts?
Cypriot Austerity Measures
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Would you apply the same logic to benefit cuts?
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This most likely will cause bank runs in Europe.
Asset tax is pure socialism. Talk a little higher up of mansion tax, it's absolutely absurd - "you have a big house so I'm going to charge you for that" - why? I could understand if a big house cost the same price as a small house, but they don't.
Its a bit different to a normal career choice as they might well choose the career but don't necessarily have a say in the postings....
Also as has been pointed out - they still pay UK tax when overseas... so having them screwed by an additional tax on assets in that way is a bit off. I doubt its huge savings we're talking about rather some squaddies' families maintaining a EUR current account to make buying local goods easier.
There are people serving in Afghanistan at the moment who are paying council tax whilst having no need for any local authority services... I think we can cut them a bit of slack when it comes to being slapped with a foreign tax as a result of the posting they were given.
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So... everyone withdraws all their money from the banks because of this, government has to bail out banks, leads to more austerity measures... great.
Not really given the region its close to....
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Lecture 1, profits are for the elites, losses are for the workers.
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Not just that, no.
If you have 10k in the bank, you will lose 680 of it. Irrespective of how much is accrued interest.
It is different - in your example the savings have simply not kept up with inflation, whereas in the Cyprus situation, they are reducing the capital value.
for fixed deposits, still awaiting maturity, there are reports that one quarter of the interest accrued will be claimed by the levy
What's the current interest rate in Cyprus?
I know its not that simple, but this does seem to be just taking money from people in 1 go rather than bleeding small amounts out of them over time with increased taxes and reduced interest rates.
Unless they have already done this too, in which case it sucks.
I know its not that simple, but this does seem to be just taking money from people in 1 go rather than bleeding small amounts out of them over time with increased taxes and reduced interest rates.
Unless they have already done this too, in which case it sucks.
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This is quite frankly disgusting, you live or work in a country you should put up with their taxes, just another government decision makin out the military to be special, it's ridiculous
Quoted for the ignorance.
I'm pretty sure this is just to reduce their debt. Its not really going to pay the debt off that much. The troika told them to do this(give us a bit of money!) then we will cut your debt and we'll continue to loan you more money.
Brilliant solution.
Cyprus is a member of the Eurozone so is unable to set its own monetary policy. Its interest rate is therefore that set by the European Central Bank - 0.75% (Just 0.25% higher than ours).
See above.
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the issue i have who is this debt owed too.
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erm is it other nations private investors etc.. because someone somewhere is making a fortune.
I wouldn't exactly call the yields on government debt 'a fortune'. It's not all held by one person but many many firms, funds, people, etc etc. You can make far more money investing in anything but government debt - government debt is only really appealing because of its ultra low risk, but with ultra low risk comes ultra low return.
A current 2 year UK gilt would get you just 0.22% return!