Following news of the proposed tax in Cyprus where bank accounts will be taxed.
“The levy was initially set at 6.75% on accounts under €100,000 and 9.9% on any deposit above that sum but this could be altered to 3% on the smaller deposits and up to 15% on deposits above €500,000. In return, savers will be given shares in the banks and, potentially, returns from the country’s gas reserves. ”
So basically it’s daylight robbery because they are desperate for money to balance the books.