Posts Tagged ‘Cyprus’

Cyprus Ultimatum Threatens Banking System

Thursday, March 21st, 2013

How soon things change. No sooner had Europe appeared to settle down, promising better conditions for a slowing Australian economy and lower costs of funding on international wholesale markets, when the chaos kicks off again.

Cyprus has dominated international headlines this week, after an unprecedented move to impose a one-off tax on savings worth up to 10%. Banks were closed as people rushed to withdraw money, and are to remain closed until next Tuesday.