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EU Confiscates Money from Cypriots

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Postby capricorn » Fri Mar 22, 2013 10:37 am

There are long lines at ATM's as Cypriots try to withdraw as much money as they can. ATMs are also running out of money.
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Postby capricorn » Mon Mar 25, 2013 5:26 am

Cyprus reaches last-minute deal on 10 billion euro bailout

Reuters wrote:
The revised accord spares bank accounts below the insured limit of 100,000 euros. 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.

http://www.reuters.com/article/2013/03/ ... 3I20130325


40% is quite a bit. A $100,000 savings account would have $40,000 confiscated from it :shock: . It will be interesting how this shakes our for the rest of Europe. The rumor is Italy is next
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Postby capricorn » Tue Apr 02, 2013 11:04 am

Well, the good news is that the depositors wont lose 40% of their savings

The bad news is that the depositors will lose 60% of their savings :shock:

BBC News wrote:Bank of Cyprus depositors with more than 100,000 euros (£84,300; $128,200) could lose up to 60% of their savings as part of an EU-IMF bailout restructuring move, officials say.


http://www.bbc.co.uk/news/business-21982652
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