E.U. Tax Proposal On Cypriot Bank Deposits Riles Russia
By: Renee Montagne, Joanna Kakissis, and Corey Flintoff
March 19, 2013
There has been angry reaction in Russia and Cyprus to the E.U.'s proposal to seize nearly 10 percent of large deposits in Cypriot banks, and roughly 7 percent of smaller deposits. That would force Russian oligarchs and ordinary citizens to bear much of the cost of the bank bailout in Cyprus.
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