Big Cyprus Depositors May Lose 60% of Money
That's way higher than first reported
By John Johnson, Newser Staff
Posted Mar 30, 2013 11:11 AM CDT
A beggar sits outside a Bank Of Cyprus UK branch in central London.   (AP Photo/Lefteris Pitarakis)

(Newser) – They call it a "haircut," but it's more like a scalping now. The Bank of Cyprus might end up taking 60% of the money held by rich depositors—about double previous estimates—reports the Financial Times. As part of the bailout deal, the bank will first take 37.5% from accounts that have more than 100,000 euro, reports AP. But bank officials also reserve the right to grab another 22.5% of the original amount in a second raid. Technically, the money is being converted into bank shares, giving depositors a chance of getting all their cash back, but the chances of that happening aren't so hot.

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Mar 31, 2013 10:59 AM CDT
This is happening in the USA,, only difference, We just print more money instead on confiscating others. Same result, they lose their money directly,, we lose ours over time and inflation!
Mar 31, 2013 8:53 AM CDT
What the MSM has failed to tell everyone is that the Cyprus Bank has a branch in the U.K. and in Moscow that didn't close as did the branches in country. Also, before it was leaked that a confiscation might happen, 18% of total cash capital was REMOVED out of these two branches. So the only ones who are getting a haircut are the Cypriot people, while the banking cartel, the EU and the wealthy walk away as usual due to the corruption connection. This is NO JOKE friends. Pay attention. Communism in no fun at all. Thomas Jefferson.
Mar 31, 2013 4:03 AM CDT
Ain't socialism great? (cough) Obama!