Cyprus surprise - Cypriot depositors to take a 'haircut'

socrates

‘No good reason for BoC’s high number of Greek bonds’



http://www.cyprus-mail.com/alvarez-and-marsal/no-good-reason-boc-s-high-number-greek-bonds/20130405

antrobus

The BBC now reports that the cost of the Cyprus bailout has increased. Apparently, Cyprus now has to find another 5.5 billion euros.

http://www.bbc.co.uk/news/business-22106194

ILW

Have the money been taken from depositors yet?

socrates

ILW wrote: »

Have the money been taken from depositors yet?

Not yet

I have a feeling they are going to drop the Euro all together

However they must seek assurances that Turkey is not allowed to cross the border and take the other half of the island - green light given by UK and America on the back of the future Gas Revenues

I cannot believe that this is happening - so many educated people over there and they let an elite group of 70 years old take it in turns to become President just so that they can say they held the position

I like the tone of this article

http://www.guardian.co.uk/business/economics-blog/2013/apr/11/cyprus-bailout-bungled-costly

vivatifosi

socrates wrote: »

I have a feeling they are going to drop the Euro all together

They'd have to, surely? Isn't the amount of cash that they are short by more or less the same amount that will entail the haircut in the first place?

socrates

The who’s who of the great March bank run



http://www.cyprus-mail.com/opinions/insight-who-s-who-great-march-bank-run/20130516

socrates

A Cypriot court has frozen assets worth around €5.3 billion belonging to former Laiki Bank strongman Andreas Vgenopoulos and two other people, the Central Bank (CBC) announced Friday.

http://www.cyprus-mail.com/bouloutos/court-freezes-former-laiki-strongmans-assets/20130531

armour

Well done Socrates for keeping us informed regarding this story. What a shametheCipriot government didn'ttake the oppertunity to leave the Euro altogether rather than submit the Cipriot population to this financial terrorism.
The 22% ofdeposits over 100k looks lost now aswell as the already stolen 37&1/2%.

vivatifosi

Can I please add my thanks to Socrates to those of armour? This is an important story and it isn't getting enough coverage here. I really appreciate the updates.

Generali

Yup, another thank you from me.

Good, informative posts from a poster who is happy to have his views examined a little. Good work Socrates. Almost as good as the original!