Deposits above 100,000 euros in both banks, which are not guaranteed under EU law, will be frozen and used to resolve Laiki's debts and recapitalize Bank of Cyprus, the island's biggest, through a deposit/equity conversion.
The raid on uninsured Laiki depositors is expected to raise 4.2 billion euros, Eurogroup chairman Jeroen Dijssebloem said.
Laiki will effectively be shuttered, with thousands of job losses. Officials said senior bondholders in Laiki would be wiped out and those in Bank of Cyprus would have to make a contribution.
Get it?
When push comes to shove, they will take what you can't defend.
Here's the piece.
Kerodin
III
Here's two relevant links.
ReplyDeletehttp://www.zerohedge.com/news/2013-03-25/have-russians-already-quietly-withdrawn-all-their-cash-cyprus
http://www.zerohedge.com/news/2013-03-25/guest-post-say-goodbye-purchasing-power-dollar
From what I hear, they are even raiding safe depost boxes. If they find money or precious metals they will take it and you loose. Exactly what will happen here. It has been put in a 'bill' and signed by executive orders.
ReplyDeleteLike Kerodin say's, if it's in savings some where you better get out.
Papa Mike
III