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
Americans Standing for the Simplification of the Estate Tax over-purchase life insurance, which they say diverts resources away from investment and job creation. The proposal by ASSET has been guided by Rep. Steny Hoyer, Rep. Chris Van Hollen, and Senator Ben Cardin in Maryland. In late September 2013, ASSET hosted a discussion panel on the estate tax that was moderated by Tax Foundation President Scott Hodge, with panelists Grover Norquist from Americans for Tax Reform (ATR), Chuck Marr from the Center for Budget and Policy Priorities, and former Senator Bob Bennett (R-UT). At the panel, Bennett stated that ASSET's plan for reforming the estate tax offered the best solution