“The country is increasingly reverting to a cash-economy with a consequent dive in tax revenues. The three Lufthansa consultants in charge of the Cyprus Airways restructuring are set to receive €1.3m. The remaining staff will suffer a 25% salary cut. In an act that beggars belief, the Cypriot Parliament has levied a 30% tax on the interest earned from bank deposits. In another measure which defies logic, a property tax was insisted on by the Troika of international lenders. The government aims to extract maximum tax revenue by inflating property prices by the annual rate of consumer price inflation since 1980. Currently, property prices are at an all-time low.”
http://charleshughsmith.blogspot.com/2013/06/the-real-story-of-cyprus-debt-crisis_17.html
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