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« Police Find Gold Bars Worth $7.5M Hidden In Small Car | Main | Goldman Sachs Trader Faces Prison For Secret $8B Position »
Thursday
Apr042013

GRAND THEFT BANK: 80% Of Your Money Will Be Stolen In Cyprus

Grand Theft Bank: Cyprus and the 80% solution.

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More confirmation on the 80% number from the WSJ last night.

Wall Street Journal

After two attempts at securing a bailout deal in March that pushed Cyprus to the brink of exiting the euro, the country faces major obstacles. To secure the aid, it agreed to wind down its second-largest lender, Cyprus Popular Bank PCL, and radically restructure the largest, Bank of Cyprus PCL.

In the process, Cyprus became the first country in the three-year-long euro-zone crisis to hit depositors to fund its survival: Cyprus Popular's uninsured depositors will probably take losses of as much as 80% of their holdings over the guaranteed limit of €100,000; Bank of Cyprus depositors stand to incur losses of as much as 60% of their uninsured deposits, according to initial government estimates.

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Cyprus Finance Minister: Uninsured Laiki Depositors Could Face 80% Haircut

Cyprus's finance minister said Tuesday that large deposit holders at Cyprus Popular Bank, the island's second biggest lender, could face losses of as much as 80% on their deposits as the government moves to wind down its operations.

Speaking in a television interview with state broadcaster RIC, Michalis Sarris indicated that it could also take years before those depositors see any of their money returned.

"Realistically, very little will be returned," Mr. Sarris said.

 

Bonus clips:

Cyprus residents burn EU flags.

 

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Laiki Bank employees protest at Cyprus parliament.

 

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Bank employees demand Central Bank chief resign.

 

Christine Lagarde Speaks On Cyprus Bailout

 

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Reader Comments (3)

This is EXACTLY what needs to happen in America. 80% castrations for the malefactors of great wealth. You can't steal stolen money, and the only way to become a millionaire in America is by stealing other people's money, time or value. I imagine the same is true in Cyrpus. I can't wait until the the scum realizes that their bank accounts aren't worth their face value, because they've done nothing their whole lives to build up the society they live in other than grab all they can for themselves. First the upper middle class, (the lackeys of the 1%) must fall, then the 1% are next.
Apr 4, 2013 at 10:35 PM | Unregistered CommenterBenjamin
This is one of my favorite sayings,whether anyone likes him or not.

Gerald Celente: “When People Lose Everything, They Have Nothing Left To Lose, And They Lose It”
Apr 5, 2013 at 1:43 AM | Unregistered CommenterTR
I can not imagine that in the near future, any entity with the power to strip peoples' bank accounts would actually be justified in doing so. I can not imagine Barack Obama with a smashed finger from an accident on the job. A stretched neck from an irate judge over parking ticket warrants perhaps, or involvement in a group treason conviction with the Ministry of Unnatural Acts and a date with the Grand Incinerator
Apr 5, 2013 at 10:05 PM | Unregistered CommenterHoward T. Lewis III

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