The President of the European Commission Jose Manuel Barroso has established a Task Force for Cyprus – after a 10 billion euro bailout deal was agreed for the troubled country.
- Advertisement -
Global markets have reacted positively to the deal, under which deposits of up to 100 thousand euro will be protected.
However, anyone with deposits of OVER 100 thousand euro will be hit with a substantial tax.
Cyprus’ Popular Bank will effectively be shut down – with risky assets moved into a "bad bank".
And capital controls will remain in place for the time being.
