Sinclair also stated that history will show this day as being as serious as the flushing of Lehman Brothers.
Eric King: “Jim, we now know the answer to the ‘Cyprus Solution.’”
Sinclair: “Yes, Cyprus depositors have now been flushed. The Bank of Cyprus, the island’s largest bank said it has converted 37.5% of deposits exceeding 100,000 euros into a Class A share, with an additional 22.5% held as a buffer for possible conversion in the future.
Another 30% will be temporarily frozen and held as a deposit. So the amount of money that has been taken from the Cyprus depositors is in all practicality almost their entire accounts. Major depositors funds have now been taken in grand style.
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