CYPRUS, TROIKA AGREE TO BAIL-IN, BANK OF CYPRUS TO SEE 40% HAIRCUTS FOR DEPOSITS OVER €100,000, DEPOSITS AT OTHER BANKS WILL BE WIPED OUT!
MARCH 24, 2013
*Updated: In response, a bomb has just been detonated at the Limassol branch of the Bank of Cyprus
Multiple breaking reports indicate that in an early Monday meeting with Lagarde, Draghi, & Von Rompuy, Cyprus’ President Anastasiades has agreed to a Cypriot bank restructuring/ depositor haircut deal in exchange for €10 billion in emergency loans from the ECB.
The deal reportedly will avoid the necessity for any vote by the Greek Parliament, and is far, far, far worse for Cypriot citizens and depositors than the one the Cypriot legislature voted down on Thursday, as the ECB will reportedly be handing out 40% haircuts for depositors with over €100,000 on deposit in the Bank of Cyprus, and deposits over €100,000 at Cyprus Popular bank will be WIPED OUT!!!