by Graham Summers, Gains Pains & Capital:
As Cyprus has now shown us, when systemic collapse hits, it hits FAST and FURIOUS.
The quick timeline for Cyprus is as follows:
- June 25, 2012: Cyprus formally requests a bailout from the EU.
- November 24, 2012: Cyprus announces it has reached an agreement with the EU the bailout process once Cyprus banks are examined by EU officials (ballpark estimate of capital needed is €17.5 billion).
- February 25, 2013: Democratic Rally candidate Nicos Anastasiades wins Cypriot election defeating his opponent, an anti-austerity Communist.
- March 16 2013: Cyprus announces the terms of its bail-in: a 6.75% confiscation of accounts under €100,000 and 9.9% for accounts larger than €100,000… a bank holiday is announced.
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