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Cyprus Banks Take 40% over 100,000 eu's
serf
Member Posts: 9,217 ✭✭✭✭
Yikes this has got to hurt the biggest depositors and the Germans are running the show over there in Europe again!
serf
http://www.bloomberg.com/news/2013-03-25/cyprus-to-chop-banking-system-to-win-aid-avoid-default.html
It imposes losses that two EU officials said would be no more than 40 percent on uninsured depositors at Bank of Cyprus Plc, the largest bank, which will take over the viable assets of Cyprus Popular Bank Pcl (CPB), the second biggest.
serf
http://www.bloomberg.com/news/2013-03-25/cyprus-to-chop-banking-system-to-win-aid-avoid-default.html
It imposes losses that two EU officials said would be no more than 40 percent on uninsured depositors at Bank of Cyprus Plc, the largest bank, which will take over the viable assets of Cyprus Popular Bank Pcl (CPB), the second biggest.
Comments
http://online.wsj.com/article/BT-CO-20130325-702384.html
No hits on small depositors under $130,000, which was the law anyway for years.
One bank closing, second largest in the country. Deposits over $130,000 will take up to a 40% loss in the bank closure. Lots of rich Russians are gonna' be pissed!
Actually Cyprus got a bailout from the EU.
You mean they needed more than 40% from large depositors? The people control the legislators and they couldn't bail out the system, correct?
Thus EU central banks created some new cash (digital no doubt)! That way inflation will not be as bad for now.
serf
Probably coming soon to a bank near you........
Bingo!
But no on will think that would effect them, and the rich deserve it right?