Imagine you wake up in Nicosia, Cyprus Saturday morning, you take a quick look at the headlines and realize you’re about to have 3, 6, or maybe 10 percent less money in the bank.
That’s pretty much what happened to 70-year-old Andreas Moyseos. He was hit with the news over the weekend that the Cypriot government planned to take a percentage of the savings in his bank account.
Moyseos is a retired electrician and now lives on retirement benefits. The tax — should it go through — will amount to about $4,000 of his own money.
“My first reaction was anger. I don’t think this action is correct. It will not correct the economy. It will create more problems. I thinks it’s a robbery this kind of action,” said Moyseous.
Marketplace is on a mission.
We believe Main Street matters as much as Wall Street, economic news is made relevant and real through human stories, and a touch of humor helps enliven topics you might typically find…well, dull.
Through the signature style that only Marketplace can deliver, we’re on a mission to raise the economic intelligence of the country—but we don’t do it alone. We count on listeners and readers like you to keep this public service free and accessible to all. Will you become a partner in our mission today?