“The idea of dipping into bank accounts is the ultimate taboo,” said John Leonidou, a local newspaper reporter. “As a commercial centre, we’ve been destroyed. We are effectively no longer a tax haven.
“Companies will fear this happening again and will take their money out. We’ll have to pull off a miracle to bring back our credibility.”
As Cypriots face financial meltdown, amid accusations of betrayal by their partners in the European Union, the shopping malls and boutiques of Nicosia are offering discounts of up to 50pc.
Read the complete article at The Telegraph here.
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