posted on Mar, 21 2013 @ 12:07 PM
UPDATE: Cyprus Central Bank says hasn't been informed of closure (and then back-pedals)...
*CYPRUS CENTRAL BANK HASN'T BEEN INFORMED, TAKEN SUCH DECISION
*CYPRUS CENTRAL BANK SAYS REORGANISATION NOT SAME AS CLOSURE
Refuting earlier comments from the regulator that Cyprus Popular Bank would not be shuttered, CYBC is reporting (following the failure to sell it to
the Russians) that the bank is to be shut down, split into good-bank-bad-bank, and that deposits under EUR100,000 will be protected.
*CYPRUS POPULAR BANK TO BE SHUT DOWN, STATE-RUN CYBC SAYS
*CYPRUS POPULAR BANK TO BE SPLIT IN GOOD, BAD BANKS: CYBC
*CYPRUS POPULAR BANK ASSET PROCEEDS TO BE RETURNED TO DEPOSITORS
*CYPRUS POPULAR BANK DEPOSITS OF LESS THAN EU100,000 GUARANTEED
Of course, we await the re-refutation but for now it seems the latest news trumps the regulators 'lies' earlier.
Looks like maybe another Lehman Brothers situation in Cyprus? The central bank refutes that it is being closed to just come out hours later and state
that restructuring is not the same as closure. You mean like they restructured the banks here in the US after the 08' collapse? I think they meant to
say after it's broken up and sold off instead of restructured.
The only good thing is that they are guaranteeing deposits under EU 100,000. Just too bad that the people that have more than that will likely lose it
all. This situation is getting very real very fast for the people of Cyprus if they start closing banks down and declaring them insolvent.
edit on 3/21/2013 by SpaDe_ because: (no reason given)