Quote:
Originally Posted by chemgear
http://www.bbc.co.uk/news/world-europe-21916102
Eurozone finance ministers have agreed a deal on a 10bn-euro bailout for Cyprus to prevent its banking system collapsing and keep the country in the eurozone.
Reports suggest the deal will include a levy on deposits of more than 100,000 euros in Cyprus's two biggest banks.
The levy on deposits in Laiki (Popular) Bank - the country's second-biggest - could be as high as 40%, reports say.
|
To be clear, it looks like they are honouring the equivalent of CDIC insurance for deposits 100,000 euros and under and imposing losses on depositors over that amount. Something similar would happen here. Markets will probably like that consistency with normal practice.
Cowperson