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



SARRISCyprus΄s finance minister said Tuesday that large deposit holders at Cyprus Popular Bank PCL (CPB.CP), 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.

Asked if, like in other bank closures, it could take six to seven years before depositors get back there money, he said: “maybe yes. And the amount [returned], could be 20%. Certainly, for depositors above 100,000 euros it could be a very significant blow.”
His remarks come just hours after Cyprus΄s central bank governor estimated that the losses facing large depositors at rival Bank of Cyprus PCL (BOCY.CP), could reach as much as 40%.
(source: Dow Jones)


6 COMMENTS

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  2. Obama is already talking about freezing 401k accounts to help repay the debt. Won’t be long before this happens in US

  3. it really is a communist citizenry here in the us. the wealth distribution is such that most people are poor, middle class is evaporating and most of the wealth is held by a few.

  4. I fear when the banksters try something like this here it will start a war people are allready arming up like crazy, If the SHTF remember keep your head down and watch your six.
    good luck buddy we’re all gonna need it

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