Bank of Cyprus Depositors To Lose Up To 60 Percent...

(CNS News) Big depositors at Cyprus' largest bank may be forced to accept losses of up to 60 percent, far more than initially estimated under the European rescue package to save the country from bankruptcy, officials said Saturday.

Deposits of more than 100,000 euros ($128,000) at the Bank of Cyprus will lose 37.5 percent in money that will be converted into bank shares, according to a central bank statement. In a second raid on these accounts, depositors also could lose up to 22.5 percent more, depending on what experts determine is needed to prop up the bank's reserves. The experts will have 90 days to figure that out. The remaining 40 percent of big deposits at the Bank of Cyprus will be "temporarily frozen for liquidity reasons," but continue to accrue existing levels of interest plus another 10 percent, the central bank said. Read The Full Story

FREE REPORT: Is Barack Obama Trying To Destroy The US Economy! Input Your Primary Email Address Below And You'll Receive A Free Gift, Our Downloadable Report On The Cloward-Piven Strategy.       Privacy Policy: We respect your privacy and will not share your email address with ANYONE... PERIOD! Phone Search Detective Find out the owner of the cell phone or unlisted number that keeps calling you. Your search is confidential. [Search Now] Mouse Over The Green Icon To The Left To Share This Story On Your Favorite Social Media Sites. RELATED STORIES