Economic Adjustment Programme for Cyprus be saved and transferred to Bank of Cyprus (BoC), while shareholder capital would be written off, and the uninsured deposits above €100,000 – along with other creditor claims – would be lost to the degree being decided by how much the receivership subsequently can recover from liquidation of the remaining bad assets. As an extra safety measure, uninsured deposits above €100,000 in BoC will also remain frozen until a recapitalisation has been implemented "(with a possible imposed haircut if this is later deemed needed to reach the requirement for a 9% tier 1 capital ratio)". The targeted closure of Laiki
Tobin tax more easily on organized exchanges than in a dealership market like the global foreign exchange market. (See also the discussion of tax avoidance as it relates to a currency transaction tax.) On October 5, 2009, Joseph Stiglitz said that any new tax should be levied on all asset classes – not merely foreign exchange, and would be based on the gross value of the assets, thereby helping to discourage the creation of asset bubbles. Tobin's more specific concept of a "currency transaction tax" from 1972 lay dormant for more than 20 years but was revived by the advent of the