Cyprus Popular Bank To Be Shuttered (UPDATE: Central Bank Denies)

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.

Zero Hedge

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.

I think the 100,000 Euro Guarantee is a bluff. They dont have money, thats why the banks are closed.

reply to post by SpaDe_


The answer to all these greedy pigs? Its in your avatar OP. The time is getting very close.

www.nytimes.com... more updates.