Cyprus savers to be fleeced

The central bank of Cyprus has finalised the terms of the fleecing that Bank of Cyprus depositors holding more than 100,000 euros must suffer as part of an international bailout deal. These are that 37.5% of holdings above 100,000 euros will become bank shares, a further 22.5% will go into a ‘fund’ attracting no interest and may be used for further write-offs and the remaining 40% will attract interest but this will not be paid unless the bank performs well.

So, people who have saved, paid their taxes (at least once) could see up to 60% of their funds legally stolen. The moral appears to be, do not keep large amounts of savings in banks, get a bigger mattress. Or spend it.

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