ATHENS–Large deposit holders at Bank of Cyprus PCL (BOCY.CP) will see almost half of their deposits turned into equity at the lender as part of the country’s international bailout, a senior bank official said Sunday.
After an all day meetings Saturday between President Nicos Anastasiades and representatives from the country’s creditors–its euro-zone partners and the International Monetary Fund–it was decided that 42.5% of all deposits over 100,000 euros ($132,764) will be converted into shares as part of its recapitalisation plan, the official said. Continue reading
The Russians have been in the game of wrecking countries for a bit longer than the EU, so naturally, they were quick to react before measures were implimented.
As it turns out, these same oligrachs may have used the one week hiatus period of total chaos in the banking system to transfer the bulk of the cash they had deposited with one of the two main Cypriot banks, in the process making the whole punitive point of collapsing the Cyprus financial system entirely moot. Continue reading