Wake early in the morning to the news that the much discussed Cyprus bailout deal has been struck. And it's quite horrifying. A levy on all Cypriot bank accounts, higher on larger accounts than smaller. The news gets worse as the day goes on. Six and three quarter percent levy and accounts under EURO 100,000 and 9.9% on those over. This first seems incredibly hard on small savers who have modest savings for their old age, prudently (they thought) placed in savings or deposit accounts rather than under the mattress. The pharmacist gives J a different view, though. Cyprus, he says, has an economy based on services and investment. Yes, there's big Russian money in the banks, but if assets are seized who will invest here in the future? Meanwhile the fury grows as queues form and some ATMs fail to deliver. One Limassol man parks his bulldozer beside the bank and threatens to break in to access his "stolen" money.
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