Saturday, March 30, 2013

Holy crap....

37+% skimmed right off the top, in exchange for worthless bank stock that can never be sold. Another 22% that gets no interest, and you can't withdraw. The last 40% may get interest, if they feel like paying it someday, but you can't withdraw.

If there are more than a couple Russian Oligarchs who didn't get their cash out in time, I'd expect the Cypriot Pols will have to begin living in caves. Very DEEP caves.

"At Bank of Cyprus, about 22.5 percent of deposits over 100,000 euros will attract no interest, the source said. The remaining 40 percent will continue to attract interest, but will not be repaid unless the bank does well."

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