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Cyprus: Mandatory Levy on Assets Not Yet Fixed

Published: March 27, 2013; 16:53 · (Vindobona)

Banks in Cyprus will open again tomorrow, yet the capital flow is still limited. Dijsselbloem is criticized by the ECB. Bank employees demand Demetriades’ stepping down.

Cyprus: Mandatory Levy on Assets Not Yet Fixed / Picture: © Wikipedia / ATX-NL

According to an insider reporting to Handelsblatt, coperate law firms were supposed to have advised foreign costumers to transfer their assets to bank accounts in Malta. This trend became more popular in the last weeks before the closing of banks in Cyprus on March 16. As media in Cyprus reported, huge amounts of money were transferred outside of the country. Cyprus’ Parliamentary…

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