Cyprus had developed its financial center over three decades ago by having double taxation treaties with a number of countries, the Soviet Union for example. That means if profits are booked and earned and taxed in Cyprus, they are not taxed again in the other country. Russian deposits are there because Cyprus has a low corporate tax rate, much like Malta and Luxembourg, which annoys some people in Europe.
Group items matching
in title, tags, annotations or urlAn interview with Athanasios Orphanides: What happened in Cyprus | The Economist - 0 views
-
-
In addition, Cyprus has a legal system based on English law and follows English accounting rules
-
This government took a country with excellent fiscal finances, a surplus in fiscal accounts, and a banking system that was in excellent health. They started overspending, not only for unproductive government expenditures but also they raised implicit liabilities by raising pension promises, and so forth.
- ...11 more annotations...
Founder of Alibaba Jack Ma Interview by Charlie Rose - YouTube - 0 views
-
Founder of Alibaba Jack Ma Interview by Charlie Rose
Spain to Test Bond Markets as Economy Minister Warns on Debt - NYTimes.com - 0 views
-
the country’s economy minister, Luis de Guindos, warned Tuesday that European debt markets were not working properly because foreign investors were being deterred by the euro zone’s slow and complex decision-making procedures.
-
In recent weeks the interest demanded by investors on longer-term debt has crept up around 6 percent for Italy and 7 percent for Spain, close to the level that analysts say could make government finances unsustainable in the medium term.
-
In an interview in the Spanish daily La Vanguardia, Mr. de Guindos said that foreign investors were increasingly staying away from bond auctions, leaving only domestic buyers.
- ...3 more annotations...
Past Rifts Over Greece Cloud Talks on Rescue - WSJ.com - 0 views
-
It included no debt restructuring, such as forgiving principal, reducing the interest rate on the debt or stretching out the payment schedule to make servicing easier.
-
That spared the holders of the debt—chiefly European banks—the losses that would have come with restructuring.
-
Some of the IMF dissenters at the meeting and some IMF staff believe the interests of the European powers were placed above those of Greece, which has seen its economy contract by a fifth since 2009 and its jobless rate reach nearly 28%.
- ...9 more annotations...
Germany's Insistence on Austerity Meets With Revolt in the Eurozone - NYTimes.com - 0 views
-
Germany’s Insistence on Austerity Meets With Revolt in the Eurozone
-
Ms. Merkel and her finance minister, Wolfgang Schäuble, are far more likely to stick to balancing Germany’s federal budget, “a very strange objective to announce in current circumstances,” Mr. Fratzscher, who is president of the German Institute of the Economy in Berlin, said in an interview.
-
While they may agree to increase spending on roads, bridges and other infrastructure in Germany, he added, the German leaders are not likely to back similar policies for France and Italy, which in Berlin’s view cannot afford it.
1 - 6 of 6
Showing 20▼ items per page