Bank of Cyprus depositors lose 47.5% of savings

NICOSIA, Cyprus (AP) — Depositors at bailed-out Cyprus’ largest bank will lose 47.5% of their savings exceeding 100,000 euros ($132,000), the government said Monday.

The figure comes four months after Cyprus agreed on a 23 billion-euro ($30.5 billion) rescue package with its euro partners and the International Monetary Fund. In exchange for a 10 billion euro loan, deposits worth more than the insured limit of 100,000 euros at the Bank of Cyprus and smaller lender Laiki were raided in a so-called bail-in to prop up the country’s teetering banking sector.
The savings raid prompted Cypriot authorities to impose restrictions on money withdrawals and transfers for all banks to head off a run. Christopher Pissarides, the Nobel laureate who heads the government’s economic advisory body, forecast Monday that the bank controls could be in place for another two years.
“The (economy) has absorbed the initial shock and is moving ahead. We see things improving,” he told reporters after talks with Cyprus President Nicos Anastasiades Monday.
As part of the bail-in of Bank of Cyprus, depositors taking losses — estimated roughly at around 4 billion euros — will get shares in the bank. Those depositors hardest hit are pension funds belonging to employees for state-run companies, followed by private savers of which some of the biggest are Russians.
Depositors at Laiki, which is being wound down and folded into Bank of Cyprus, saw most of their uninsured savings wiped out and are unlikely to get any shares in Bank of Cyprus.
The Tap Blog is a collective of like-minded researchers and writers who’ve joined forces to distribute information and voice opinions avoided by the world’s media.
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2 Responses to “Bank of Cyprus depositors lose 47.5% of savings”

  1. Anonymous says:

    YOU THINK WE’VE GOT IT BAD!!

    RED ALERT! China Empowered by Executive Order to Foreclose on our Property!
    helias314

    http://www.youtube.com/watch?v=fYsKGNXuODA#at=85

    Published on Jul 27, 2013

    An Executive Order was signed by Bush, empowering the Military to enforce FORECLOSURES on private property within the United States. Since when does the military enforce civil court orders in the US? Since our property was given as collateral for the debt held by China. So, do not expect our military to protect us when China forecloses, in fact, our military is being programmed to assist the takeover.

    HETT

  2. Anonymous says:

    http://thelawdictionary.org/monster/

    MONSTER

    “A prodigious birth; a human birth or offspring not having the shape of mankind, which cannot be heir to any land, albeit it be brought forth in marriage. Bract fol. 5; Co. Litt. 7, 8; 2 Bl. Comm. 246.”

    Yes folks, that’s us human beings, under the eyes of the law. This definition has been toned down too from previous Black’s law dictionaries.

    We are not allowed to own land even if we’ve payed for it.

    When are people going to wake up?

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