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
Land value tax the waste of prime locations, which are a finite resource. LVT is an efficient tax to collect because unlike labour and capital, land cannot be hidden or relocated. Many urban planners claim that LVT is an effective method to promote transit-oriented development. The value of land is related to the value it can provide over time. This value can be measured by the ground rent that a piece of land can rent for on the market. The present value of ground-rent is the basis for land prices. A land value tax (LVT) will reduce the ground rent received by the