Mar 25, 2013
INDEPENDENT - Cyprus bailout: Large deposits will be seized and second-largest bank closed in €10bn EU bailout deal, Mar 25, 2013
"An 11th-hour deal with the EU, which has saved the Cypriot economy from the brink, will see investors with more than €100,000 in the nation’s largest banks forfeit a large chunk of their deposits. The punishing deal – which has been approved by the eurozone finance ministers – will allow the country to receive the €10bn (£8.5bn) bailout it needed before the European Central Bank pulled funding and sent the island on the path to bankruptcy and a possible exit from the single currency. Under the new agreement, all bank deposits under €100,000 will be secured and guaranteed by the state. The country's second-biggest bank, The Popular Bank of Cyprus – known as Laiki – will be closed whilst holders of deposits of more than €100,000 face big losses."
info@als-alexander.org or interalex1@yahoo.com
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment