Sunday, March 31, 2013

'It's robbery!' New Cyprus bombshell as Britons are told they may lose EVERYTHING over £85k....In return they will receive some Useless Bank shares

Bank of Cyprus savers will see 37.5 per cent of any deposits over €100,000 (£85,000) converted into shares in the bank, with a strong possibility that these will prove worthless. Another 40 per cent will be repaid only if the bank does well in future, while 22.5 per cent will go into a contingency fund that could be subject to further write-offs.

Laiki Bank customers are also reported to be facing the loss of 80 per cent of their deposits above the £85,000 limit.

An early bailout plan – highlighted by The Mail on Sunday two weeks ago – would have seen the losses shared across all bank customers, regardless of their balance.

However, that plan was voted down by the Cypriot parliament, leaving the country in urgent need of a new solution to raise its €5.8 billion contribution towards the bailout.

http://www.dailymail.co.uk/news/article-2301737/Its-robbery-New-Cyprus-bombshell-Britons-told-lose-EVERYTHING-85k.html