Cyprus has agreed to increase its nominal corporate tax rate by 2.5 percentage points to 12.5 per cent, which could bring in up to €200 million a year....I'm not sure how this will impact the world's fourth largest oil trader, Geneva headquartered, Cyprus registered Gunvor.
Russia will likely help finance the programme by extending a 2.5 billion euro loan already made to Cyprus by five years to 2021 and reducing the interest rate, which is now at 4.5 per cent....The above two snippets are sourced Cyprus Life in Pictures.
Skai radio reported on Sunday that the Bank of Greece has sent between 4 and 5 billion euros to Cyprus in order to help Cypriot banks respond to cash requirements by their clients.
The Cypriot cabinet has declared Tuesday a bank holiday, for fear of capital flight, and this may even be stretched to Wednesday, as depositors are certain to withdraw huge sums from the Cypriot banks after the haircut imposed.
...MUCH MORE
