Deposits above 100,000 euros in both banks, which are not guaranteed under EU law, will be frozen and used to resolve Laiki’s debts and recapitalize Bank of Cyprus through a deposit/equity conversion.
The raid on uninsured Laiki depositors is expected to raise 4.2 billion euros, Eurogroup chairman Jeroen Dijssebloem said.
http://www.reuters.com/article/2013/03/25/us-cyprus-parliament-idUSBRE92G03I20130325
Ah. I did not know. But again, why would it affect BAB to such a devastating effect? He had no reason to be afraid of hostility from the EU and US, and he had assets on the ground right in London.
It appears that it’s the world banking system that committed suicide last night.