Market-Ticker
by Karl Denninger
March 16, 2013

BRUSSELS—Depositors in Cypriot banks will be hit with a one-off tax on their savings, as part of a €10 billion ($12.96 billion) bailout for the Mediterranean island from the euro zone and the International Monetary Fund.

The deal, announced early Saturday, marks the first time in the euro zone's five-year-old financial crisis that depositors in bloc's banks will lose money. Accounts with more than €100,000 will be taxed at 9.9%, those with less at 6.75%, raising an expected €5.8 billion for the near-bankrupt nation.

Taxed? Like hell that's a tax. That's direct confiscation of the funds of people who did nothing wrong!

Oh, and if you think this is something you can get around? Think again:

Mr. Sarris said the Cypriot Parliament would adopt the taxes over the weekend and the money would be extracted from accounts before banks take up business Tuesday. Monday is a public holiday.

(excerpted)
http://www.market-ticker.org/akcs-www?post=218812