German policymakers have outlawed use of the European Stability Mechanism in rescuing Cyprus, fearing the country will remain unable to repay debts. Officials in Brussels have wrangled over a rescue plan for Cyprus since it became obvious the island government had few resources of its own to meet debt repayments. With debts almost equal to its annual national income of €17bn and few taxpayers to tap for funds after years as a tax haven, a plan was hatched to tax bank deposits to generate s...
German policymakers have outlawed use of the European Stability Mechanism in rescuing Cyprus, fearing the country will remain unable to repay debts. Officials in Brussels have wrangled over a rescue plan for Cyprus since it became obvious the island government had few resources of its own to meet debt repayments. With debts almost equal to its annual national income of €17bn and few taxpayers to tap for funds after years as a tax haven, a plan was hatched to tax bank deposits to generate s...
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