"A one time tax..."
In order to secure a monetary bailout from the German government, the Cypriots have levied a "one time tax" on all private and corporate bank accounts on the island nation, as reported by The Atlantic on March 16, 2013.
NBCNews.com is also reporting on March 18, 2013 that all Cypriot banks will remain closed at least until Thursday due to the Cypriot people panicking in what's been describes as an all-out run on the banks.
Cyprus's Socialist-run government is so deep in debt, that German Chancellor Angela Merkel will guarantee a $13 billion bailout, but only if Nicosia can cough up $7.5 billion first.
Legally Taking Savings...
To raise the money, the government has levied a seizure "tax" of 6.75 percent from all insured deposits of €100,000 ($129,000) or less, and 9.9 percent from uninsured amounts above €100,000.
Depositors who involuntarily had their money confiscated by the government will get fiscally shaky bank stock equal to whatever thee amount confiscated from the government mandated tax.
The panic among the populace started last Saturday when the government announced the scheme the day prior.
ATMs nation-wide were reportedly completely depleted of all cash reserves.
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