Bank of Cyprus depositors lose 47.5 pct of savings - Yahoo! News
The Cypriot government says
depositors at the country's largest bank will lose 47.5 percent of their
savings over the 100,000-euro ($132,000) insurance limit.
Losses
at Bank of Cyprus were initially estimated at 37.5 percent. Another 22.5
percent of the deposits remained tied up while experts calculated how
much money the bank would need to remain solvent. Government spokesman
Victoras Papadopoulos announced the figure Monday.
Makes you want to run right out and open a New Checking or Savings account doesn't it?
Reports also have indicated that the true level of risk for depositers in Cyprus banks, if truly traded in an open market and full disclosure on the bank risk, would be in the mid 40% APR on your checking/saving account of an interest rate.
ReplyDeleteMakes me wonder what the true rate is for the American Bank equivalents.
Shawn
Scary thought Shawn...
ReplyDelete