March 20, 2013
All eyes are on Cyprus right now, a tiny island in the Mediterranean, that is destined to become the modern-day version of the 1930s Great Depression.
On Tuesday, the Cypriot Parliament rejected a controversial €10 billion bailout package, devised by the Eurozone, that would also force depositors to pay part of the bill. This would happen through a tax of 6.75 percent on accounts with less than €100,000 and a 9.9 percent tax on accounts of more than €100,000.
A new plan must now be drawn, or Cyprus’ banks face total collapse.
The image of Cyprus played out in the American media has one been one of chaos — a mix of residents and wealthy foreign investors rushing to ATMs to withdraw cash and thousands of outraged locals protesting in the streets.
Nicolas Philippou is more of passive observer, watching all of this (slightly exaggerated) mess play out from his home in Cyprus. That doesn’t mean he isn’t deeply concerned about the future of his country.
This article was posted: Wednesday, March 20, 2013 at 5:49 am