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MoD flies emergency cash to Cyprus for British personnel

Posted By admin On March 19, 2013 @ 11:43 am In Money Watch | Comments Disabled

BBC News [1]
March 19, 2013

An RAF plane carrying 1m euros is flying to Cyprus from Britain as a contingency measure to provide military personnel with emergency loans, the Ministry of Defence says.

The move comes after a controversial one-off levy of up to almost 10% on savings in Cyprus was announced.

The money will be used for British personnel and their families if cash machines and debit cards stop working.

The tax is a condition for Cyprus to get a loan from the EU and IMF.

Cyprus needs a 10bn euro (£8.7bn; $13bn) bailout to rescue its banks.

Full article here [1]

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[1] BBC News: http://www.bbc.co.uk/news/uk-21847013

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