Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

LIVE: Deal Reached On Cyprus Bailout
TBI ^ | 3-24-2013 | Matthew Boesler

Posted on 03/24/2013 7:11:45 PM PDT by blam

LIVE: Deal Reached On Cyprus Bailout

Matthew Boesler
March 24, 2013

The Eurogroup of euro zone finance ministers met in Brussels tonight to approve a plan to bail out the Cypriot banking system.

The new deal will see uninsured deposits at the country's two largest banks take a substantial haircut, but insured depositors – those with less than 100,000 euros in their bank accounts – will be spared from the one-off "tax" that was being considered just a week ago.

Reports of a deal between Cypriot and EU officials being reached prior to the Eurogroup meeting caused the euro and the Australian stock market to spike.

Now, the Eurogroup has signed off on the deal as well.

CNBC's Kelly Evans tweets that Cypriot President Nicos Anastasiades is pleased with the outcome:

Below are more details from Reuters on the plan:

It will mean that Popular Bank of Cyprus, the island's second largest bank which is also known as Laiki, will effectively be shut down.

Deposits below 100,000 euros in Laiki will be transferred to Bank of Cyprus, the country's largest bank. Deposits above 100,000 euros, which under EU law are not insured, will be frozen and will be used to resolve debts. It remains unclear how large the writedown on those funds will be.

No charges will be incurred against any Cypriot bank account with less than 100,000 euros in them, the officials said.

Because the process will be treated as a bank restructuring as opposed to a nationwide "tax" on bank deposits, it seems that the plan will not be subjected to another vote in the Cypriot parliament, which on Friday passed new laws enabling them to navigate the restructuring process more easily.

The Eurogroup press conference is now underway.

Dutch Finance Minister Jeroen Dijsselbloem,

(snip)

(Excerpt) Read more at businessinsider.com ...


TOPICS: Breaking News; News/Current Events; Russia
KEYWORDS: bailout; cyprus; eu; europe; soaktherich
Navigation: use the links below to view more comments.
first 1-2021-4041-6061-8081-95 next last

1 posted on 03/24/2013 7:11:45 PM PDT by blam
[ Post Reply | Private Reply | View Replies]

To: blam

What a relief! /s


2 posted on 03/24/2013 7:13:59 PM PDT by Ken522
[ Post Reply | Private Reply | To 1 | View Replies]

To: blam

Ivan gets scalped.

Assuming the Russian 31 billion isn’t insured.


3 posted on 03/24/2013 7:15:30 PM PDT by GladesGuru (In a society predicated upon freedom, it is necessary to examine principles."..)
[ Post Reply | Private Reply | To 1 | View Replies]

To: blam

is that you rachel corrie?????


4 posted on 03/24/2013 7:15:34 PM PDT by bigheadfred
[ Post Reply | Private Reply | To 1 | View Replies]

To: blam

I know *I* have dozens of accounts to keep just under 100K in each of them for trying times such as this.


5 posted on 03/24/2013 7:15:40 PM PDT by txhurl
[ Post Reply | Private Reply | To 1 | View Replies]

To: GladesGuru
Ivan gets scalped.

Ivan won't forget.

6 posted on 03/24/2013 7:17:34 PM PDT by Vince Ferrer
[ Post Reply | Private Reply | To 3 | View Replies]

To: blam

Next stop: USA


7 posted on 03/24/2013 7:17:53 PM PDT by Obama_Is_Sabotaging_America (PRISON AT BENGHAZI?????)
[ Post Reply | Private Reply | To 1 | View Replies]

To: blam
Because the process will be treated as a bank restructuring as opposed to a nationwide "tax" on bank deposits, it seems that the plan will not be subjected to another vote in the Cypriot parliament,
8 posted on 03/24/2013 7:18:08 PM PDT by Arthurio
[ Post Reply | Private Reply | To 1 | View Replies]

To: blam

THe EU may be stupid and destroying European civilization, but they sure know how to cling on to power and never let go.


9 posted on 03/24/2013 7:18:15 PM PDT by Shadow44
[ Post Reply | Private Reply | To 1 | View Replies]

To: blam

Wow, that’s a relief. I thought they were going to do something crooked to steal depositor’s money. Just a little ole “government managed” bankruptcy....where have I heard that term before?


10 posted on 03/24/2013 7:19:19 PM PDT by RetiredTexasVet (Leveling the playing field for a Progressive is dragging everyone down to their level.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: blam

Glory to the Belgian Bolshevik’s and the new revolution!


11 posted on 03/24/2013 7:21:13 PM PDT by SpaceBar
[ Post Reply | Private Reply | To 1 | View Replies]

To: SpaceBar

How much will prices spike now as investors take the money they have and purchase commodities to protect against seizures else where?


12 posted on 03/24/2013 7:25:05 PM PDT by jimpick
[ Post Reply | Private Reply | To 11 | View Replies]

To: blam

I’ve heard between 25 - 40 percent. There’s also a rumor that the Cypriot Parliament might not vote on it since it’s a “restructuring” and not a tax.


13 posted on 03/24/2013 7:27:11 PM PDT by EEGator
[ Post Reply | Private Reply | To 1 | View Replies]

To: blam

Whole lot of EU officials need to buy a Geiger counter.


14 posted on 03/24/2013 7:28:32 PM PDT by Pan_Yan (I love it when spell check selects every single word in my post.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: GladesGuru

Any bets on how long before the first killing by the Russians?A bunch of people signed their own death warrants when they stole from former KGB types.


15 posted on 03/24/2013 7:30:06 PM PDT by Farmer Dean (stop worrying about what they want to do to you,start thinking about what you want to do to them)
[ Post Reply | Private Reply | To 3 | View Replies]

To: blam

Cypriots have a hugh sigh of relief, as their bank accounts remain intact, while the same effect is achieved in a slightly different, but less noticeable way. You know, like has been happening, and is happening right now in the US.


16 posted on 03/24/2013 7:32:24 PM PDT by C210N (When people fear government there is tyranny; when government fears people there is liberty)
[ Post Reply | Private Reply | To 1 | View Replies]

To: RetiredTexasVet

Jeb Bush. Ima sure it was Jeb.


17 posted on 03/24/2013 7:32:35 PM PDT by bigheadfred
[ Post Reply | Private Reply | To 10 | View Replies]

To: Pan_Yan

Whole lot of EU officials will have to hire someone to start their car for them.


18 posted on 03/24/2013 7:32:58 PM PDT by Farmer Dean (stop worrying about what they want to do to you,start thinking about what you want to do to them)
[ Post Reply | Private Reply | To 14 | View Replies]

To: RetiredTexasVet

A “haircut”, really? Um no, it is confiscation. And it’s outrageous.


19 posted on 03/24/2013 7:33:49 PM PDT by sybilll
[ Post Reply | Private Reply | To 10 | View Replies]

To: Ken522

So it would be better if the entire country collapsed and people started slaughtering each other in the streets?


20 posted on 03/24/2013 7:34:15 PM PDT by chessplayer
[ Post Reply | Private Reply | To 2 | View Replies]


Navigation: use the links below to view more comments.
first 1-2021-4041-6061-8081-95 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson