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"A gap of €7bn, between Cyprus' borrowing requirements and the amount the EU is prepared to lend, may throw the markets in a minor panic. In order to plug that gap, the Cypriot government intends to impose a tax for small depositors of 6.75% of the bank accounts, and 9.9% for large depositors (reputed to include some Russian billionaires)."

Click here to read the full article from 7IM's Chief Investment Officer, Chris Darbyshire

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