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The Mattress Was The Better Deal All Along
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Cyprus is in severe financial trouble, mostly due to banks. So the European Union has a bailout plan, but it requires the locals to pay tax on all of their deposits, over 6% on most accounts and over 9% on large accounts. Result: A run on ATMs to withdraw cash before the tax hits, and the banks limiting withdrawals to stop it. Can you blame the depositors? They're being stuck with the tab for someone else's bad business decision. But they'll pay one way or another anyway. (CNN Money)
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