On the 16th of January 2013 InterCyprus.com completed 11 years of uninterrupted online presence. During these ten years millions of visitors from Cyprus and the world over have enjoyed the services of our Cyprus Guide which has, through the years developed to a high quality Guide and Portal on Everything Cyprus. To mark this important anniversary we are currently going through a complete overhaul of the site, both in design and operation as well as in content. Much of the new looks and features are already operational with many more to come during the current year. To mention a few of the current enhancements: our Cyprus Guide and our Directory of Sites Relating to Cyprus sections, our new interactive Photogalleries, our Discussion Forums on everything Cyprus and our Cyprus Search Engine. Stay tuned for many more interactive features and services in the following months.
March 19th, 2013:The new President faces unprecedented crisis
Cyprus rejects a deposit levy
Will Cyprus survive the new economic crisis? Nicos Anastasiades, the new Cyprus President, who took office 1st march 2013 with a mandate to lead Cyprus out of the economic crisis for which mostly responsible was the last government lead by Demetris Christofias, was shocked when Cyprus' partners in the Eurogroup set, as a precondition for bailing out Cyprus from its economic burdens, a Cyprus deposit levy as much as 6.75% on deposits up to EUR 100,000 and 9.99% for deposits over EUR 100,000. The latter is aimed mainly towards Russian accounts in Cyprus banks.
It was up to the Cyprus Parliament to approve or disapprove the Eurogroup imposed Government bill and it was proved that for the majority of the house this bill in its present form was a no no, as it went down in today's vote with none of the votes in favor. Efforts are under way to find a solution that will completely exclude tax on bank deposits, which are in any case protected by law that guarantees such deposits. Banks remain closed today and tomorrow and will probably stay closed until next Monday, a national holiday in Cyprus, to give time to MPs and the Government to find an alternative way to raise the required 5.8 billion Euro for refinancing the banks, but it is not easy to foresee the outcome.
Cyprus, still looking at a bright future by the end of this decade with the recently discovered natural gas reserves, can feel very bitter towards its EU partners; and the years to come may find Cyprus voluntarily leaving the Eurozone, if this does not happen already in the next few days amidst a total financial collapse as a result of the efforts in refinancing the banks reaching a dead end by next Tuesday morning...
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