The Phaserl


Bank of Cyprus executes depositor bail-in

Savers in the Bank of Cyprus took a hit on Sunday as 37.5pc of their uninsured deposits were converted to equity as part of the island’s €10bn (£8.4bn) rescue deal.

by Denise Roland, The Telegraph:

The so-called ‘bail-in’ forces savers to foot the bill for the recapitalisation of Cyprus’ biggest bank, after it was hit by massive losses from its exposure to debt-crippled Greece.

Bank of Cyprus said it had converted 37.5pc of deposits exceeding €100,000 into “class A” shares, with an additional 22.5pc held as a buffer for possible conversion in the future.

Another 30pc would be temporarily frozen and held as deposits, the bank said.

The bail-in is part of attempts by Cyprus to find €13bn – a figure nearly double the island’s original bill – to shore up its economy. Other measures include a possible sell-off of the nation’s gold reserves.

The European Union and the International Monetary Fund are providing a further €10bn to the island, one of the eurozone’s smallest economies.

Read More @

Help us spread the ANTIDOTE to corporate propaganda.

Please follow SGT Report on Twitter & help share the message.

Leave a Reply

You can use these HTML tags

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>