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UK to compensate troops hit by Cyprus bank tax

British military personnel and government officials in Cyprus would be compensated for the loss of their savings in the Cypriot bailout, chancellor George Osborne said on Sunday.

Mr Osborne said the situation in Cyprus was "extraordinary" and a warning to countries - including Britain - of the need to sort out the mess in the public finances and the banking system.

The chancellor woke on Sunday to see front-page headlines warning that up to 60,000 British savers could be hit in the grab on Cypriot bank accounts - one of the conditions of the £10bn EU bailout.

Britons are thought to have about £1.7bn of deposits in Cyprus; account holders will lose 9.9 per cent on all deposits over €100,000, with a separate 6.75 per cent levy on deposits below that level.

Mr Osborne said Britain was not part of Cyprus bailout and that Cypriot banks in the UK would not be included in the "bailout tax".

This could quickly have some pretty big geopolitical implications if countries like the Uk and Turkey (and Russia) are drawn in...

Wind power

by Jerome a Paris (etg@eurotrib.com) on Sun Mar 17th, 2013 at 12:09:33 PM EST
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