In a shock move, well a shock for those fools that "save" in fiat currency anyway, Greek Cypriots have been just informed that up to 10% of their savings in bank accounts will be stolen to secure a €10 Billion bailout fund to recapitalise its ailing banking system.
The deal was reached during a meeting of European finance ministers, also attending was the IMF's Chief, Christine Lagarde. She was quoted as saying " “I welcome the agreement reached today to address Cyprus’ economic challenges. The IMF has always said that we would support a solution that is sustainable, that is fully financed, and that appropriately allocates the burden sharing.”
Details are that fiat bank held savings of under €100,000 will have 6.75% stolen. This rate of theft will rise to 9.9% for those deposits over €100,000.
This theft will come into force on Tuesday local time after a "bank holiday" (the most evil combination of two words in the English language) on Monday. The Greek Cypriot government has ordered banks to kill internet / phone banking and shut ATMs over the weekend and Monday to stop savers from transferring or withdrawing their currency to prevent said savers from defending themselves.
From Euronews
The deal was reached during a meeting of European finance ministers, also attending was the IMF's Chief, Christine Lagarde. She was quoted as saying " “I welcome the agreement reached today to address Cyprus’ economic challenges. The IMF has always said that we would support a solution that is sustainable, that is fully financed, and that appropriately allocates the burden sharing.”
Details are that fiat bank held savings of under €100,000 will have 6.75% stolen. This rate of theft will rise to 9.9% for those deposits over €100,000.
This theft will come into force on Tuesday local time after a "bank holiday" (the most evil combination of two words in the English language) on Monday. The Greek Cypriot government has ordered banks to kill internet / phone banking and shut ATMs over the weekend and Monday to stop savers from transferring or withdrawing their currency to prevent said savers from defending themselves.
From Euronews
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