But there would probably be only a limited impact on capital because accounting rules give banks wide latitude in calculating the net present value of the bonds, enabling them to reduce the hit they would take to capital.

ECONOMIST: Greek banks

First, by the corporate income tax, then again by the individual income tax through the tax on dividends, then if you sell the capital investment, through the capital gains tax (which taxes the increase in the present value of the future income stream to the investment, which will be taxed again when earned), then when you die, by the death tax.

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