25-03-2013, 13:12
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#1249
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Guest
Location: newcastle upon tyne
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Re: Eurozone will collapse...
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The second-largest bank, Popular Bank of Cyprus - known as Laiki - will effectively be shut down and split into a "good bank" and a "bad bank".
Sub-100,000-euro deposits in Laiki will be safeguarded and transferred to the Bank of Cyprus, the so-called "good bank", while those above the 100,000-euro limit, which under EU law are not insured, will be frozen and hit with the levy of around 30% to resolve the debt crisis.
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Quote:
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After the eurozone's finance ministers' approval, several national parliaments, such as Germany's, must also approve the bailout deal, which might take another few weeks. EU officials said they expect the whole programme to be approved by mid-April.
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http://news.sky.com/story/1069277/cy...ozone-approval
30% of deposits seems a bit much and all those accounts effectively frozen untill mid April ,no wonder the Russians are going mental
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