Sunday, March 24, 2013

Breaking: Cyprus, Troika Reach Bailout Deal




Marketwatch, citing Agence France-Presse: Cyprus "will impose a 40% haircut on Bank of Cyprus depositors holding more than €100,000"


From Bloomberg news:
Finance ministers from the 17-nation euro area are now meeting in Brussels to consider approving the accord, reached by Cyprus with the “troika” representing international lenders, the official said.
“We have reached agreement which will go to Eurogroup for a decision to be taken,” Cyprus Parliament Speaker Yiannakis Omirou told reporters in Nicosia today.

Negotiations had centered on the fate of the Mediterranean island’s two largest banks, with Germany spearheading demands that Cyprus shrink its banking system.


From FT:
 Cypriots braced on Sunday for the introduction of strict controls on withdrawing and transferring money from their bank accounts as their president made a last-ditch attempt in Brussels to secure an international bailout to spare the country from a chaotic bankruptcy. 
The capital controls are expected to be in place on Tuesday morning to prevent a run on the island’s banks if and when they reopen after a 10-day closure that has brought the Cypriot economy to a standstill.


  1. Oh Man, the Russians are gonna LOVE that!! Don't stand in front of any Euro-Banksters! The Russkies will be out for BLOOD!

  2. F@#$%#g outrageous. Why anyone would keep his money in any EU bank at this point is beyond me. And I doubt it's only Russians. I'm sure there are plenty of Cypriots who worked for years to save up more than a 100K euro. Now 40% of their life savings gone in an instant. And they wont be allowed to access the other 60%, otherwise everyone would grab their money and keep in their mattress. Which is probably the safest place.


  3. Expecting to see some Eurocrats and banksters coming down with acute polonium poisoning.