Federal Reserve

EU and Cyprus president strike new bailout deal.

"Reports suggest the deal will include a levy on deposits of more than 100,000 euros in Cyprus' two biggest banks.
The levy on accounts in Laiki Bank - the country's second-biggest - could be as high as 40%, correspondents say.
Cyprus needs to raise 5.8bn euros (£5bn) to qualify for a 10bn-euro EU bailout and avoid bankruptcy.
An EU official told the BBC that under the draft agreement, Laiki Bank will be wound down with "a significant levy" affecting those with deposits of over 100,000 euros.
Large deposits in the country's biggest bank, Bank of Cyprus, could also be hit by the levy, reports say."

This is naked theft of the money of Russian billionaires and mobsters. Putin won't like it. He'll punish the EU for this. This Cyprus deal might start a war. I've heard a lot of people who don't usually call taxes theft call this theft. I want them to explain why this tax is different.