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NICOSIA, Cyprus (AP) — Depositors at bailed-out Cyprus' largest bank will lose 47.5% of their savings exceeding 100,000 euros ($132,000), the government said Monday.
The figure comes four months after Cyprus agreed on a 23 billion-euro ($30.5 billion) rescue package with its euro partners and the International Monetary Fund. In exchange for a 10 billion euro loan, deposits worth more than the insured limit of 100,000 euros at the Bank of Cyprus and smaller lender Laiki were raided in a so-called bail-in to prop up the country's teetering banking sector.eu.usatoday.com...
A second ‘haircut’ for bank depositors
Bank depositors who suffered a ‘haircut’ back in 2013 when the Cypriot banking system collapsed and took legal recourse are feeling that justice has evaded them once again. And that this time, they have been additionally burdened with legal expenses they were ordered to pay to lawyers of the Central Bank of Cyprus (CBC) and the Ministry of Finance. in-cyprus.philenews.com...
originally posted by: CthruU
a reply to: SleeperHasAwakened
For the record -
Its never ever really your money. Theres a little known law that states in event of banking institutional collapse the government can/will commandeer all funds bar 10% and present the accountee with an IOU for the remainder payable (and heres the clincher) at some and any stage over the next 100 years - no doubt at the near 100 year point well past the individuals life expectancy rendering the funds once individual passes unclaimed.
This includes all shares, funds etc associated with the bank. This is why generations passed would stash under the matress etc.
Once you buy shares or put money in a bank legally you have given up possession.
As it stands now you axcess it in good faith nothing more.
The more common misbelief is that up to 250k is safe and over that is subject to above but dig a little deeper folks - The cold hard truth is very frightening indeed if not downright daylight robbery.
This is the real reason why ensuring economical survival is paramount.