Now they are talking 20% - 25% instead of 100%.
The way it will play out - the government will steal 20%-25%, the subsequent run on the banks will bankrupt them and depositors will lose every penny of the rest.
Every penny.
Not only did they kill the banks but they killed Cyprus’ biggest industry outside tourism.
Cyprus as a tax haven is dead.
Cyprus as a company location is dead.
There are thousands of lawyers who made a living setting up companies, investment funds, trusts, etc. in Cyprus.
They are all finished.
From what I’ve read, the 20% confiscation will be made to those who have over 100,000 € in their account at the Bank of Cyprus. The second largest bank (Popular Bank) will be split into 2 (good assets and bad assets). What I’m not clear about is what happens to the accounts in Popular bank that were over 100,000 €? Is it all gone?