Cyprus' financial struggles can serve a big lesson
In our opinion
International finances have come under scrutiny as of late with the ever-changing situation in Cyprus.
Cyprus is a shipping and energy hub for European countries. Additionally, it has served as a financial powerhouse of sorts for worldwide investments.
At the onset of the crisis, the Cypriot government announced that it would be taxing bank accounts in order to recoup some of the losses. After negotiations, loans and discussion, aided by a plentiful amount of public outrage, the government said it would only place the tax on accounts containing $100,000 or more.
But, Cyprus is just one...