Cyprus,Expats- Financial Issues

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Tukaram (Tim)
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So are you saying that investing all my retirement in Cypress banks was a good or bad idea?

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lyno 47
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Man the problems in Cypress could lead to more grandmothers coming here to collect there age pension.Just what i needed since i want to retire next year.The govt here is in enough trouble without this going on.

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JJReyes
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The Cyprus government needed a more creative approach. They would have come out smelling like roses rather than garbage. Since their banks were depositories for hot money (mostly from corruption in Russia), they should have imposed a one time 15% tax on $500,000 or more. If the depositor protested, they have to prove that the money came from legitimate sources. If the large depositors wanted to withdraw the remaining 85%, give it to them in the form of Greek bonds. Buying those high interest but worthless bonds was the reason the banks got into trouble.

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