Dulloldfart
Squirrel Extraordinaire
They actually did it, on Sunday evening Cyprus time.
Excerpted from http://www.telegraph.co.uk/finance/...ank-of-Cyprus-executes-depositor-bail-in.html
In case you don't have a calculator handy, 37.5 + 22.5 + 30 = 90. In other words, they might be able to get TEN PERCENT of their money soon. As for the 30% "temporarily" frozen, well, the word is meaningless in this context.
-----
I've been reading lots of articles lately about how this "bail-in" is a TEMPLATE, a BLUEPRINT, that will be used in other countries with distressed economies. Not talking about only Greece, Italy etc. but also the US, Canada, UK etc.
Now might a good time to take appropriate action to forestall a similar haircut of your own funds. Although total body wax without anaesthetic might be nearer the mark than haircut.
Paul
Excerpted from http://www.telegraph.co.uk/finance/...ank-of-Cyprus-executes-depositor-bail-in.html
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.
[Then a BIG photograph]
[another paragraph, then...]
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.
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.
[Then a BIG photograph]
[another paragraph, then...]
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.
In case you don't have a calculator handy, 37.5 + 22.5 + 30 = 90. In other words, they might be able to get TEN PERCENT of their money soon. As for the 30% "temporarily" frozen, well, the word is meaningless in this context.
-----
I've been reading lots of articles lately about how this "bail-in" is a TEMPLATE, a BLUEPRINT, that will be used in other countries with distressed economies. Not talking about only Greece, Italy etc. but also the US, Canada, UK etc.
Now might a good time to take appropriate action to forestall a similar haircut of your own funds. Although total body wax without anaesthetic might be nearer the mark than haircut.
Paul
