Cyprus known as Laiki Bank), into a "bad" bank which would be wound down over time and a "good" bank which would be absorbed by the Bank of Cyprus. In return for a €10 billion bailout from the European Commission, the European Central Bank and the International Monetary Fund, often referred to as the "troika", the Cypriot government was required to impose a significant haircut on uninsured deposits, a large proportion of which were held by wealthy Russians who used Cyprus as a tax haven. Insured deposits of €100,000 or less were not affected. According to the 2017 International Monetary Fund
Japanese asset price bubble in assets (condominiums and offices), this has offered more incentive for wealthy individuals and companies to speculate on the asset price. The Japanese property tax stipulated that the statutory standard property tax stood at 1.4%. However, in terms of effective property tax, it is much lower than the published statutory property tax. In the 1980s, local government imposed a tax on the market price land. Since the valuations did not rise in tandem with the actual rising market price, the effective property tax regressed over the time. As a result, the Greater Tokyo area dropped to 0.06% of the market