Cyprus Reaches Deal, Deposits Over 100K To Be Seized



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Cyprus leaders have reached a deal. In exchange for a multi-billion euro bank bailout they will be seizing deposits over 100,000 euros and creating a “good bank.”

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Cyprus clinched a last-ditch deal with international lenders to shut down its second-largest bank and inflict heavy losses on uninsured depositors, including wealthy Russians, in return for a 10 billion euro ($13 billion) bailout.

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The agreement came hours before a deadline to avert a collapse of the banking system in fraught negotiations between President Nicos Anastasiades and heads of the European Union, the European Central Bank and the International Monetary Fund.

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Without a deal, Cyprus’s banking system would have collapsed and the country could have become the first to crash out of the European single currency.

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Swiftly backed by euro zone finance ministers, the plan will spare the Mediterranean island a financial meltdown by winding down the largely state-owned Popular Bank of Cyprus, also known as Laiki, and shifting deposits below 100,000 euros to the Bank of Cyprus to create a “good bank”.

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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 through a deposit/equity conversion. (Read More)

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Do you think this couldn’t happen here? What was once unimaginable is now reality over in Cyprus, and spreading to Spain, so why not?