Cyprus bank ‘bail in’

The most significant financial event in recent history was announced today when the EU’s institutions and members pressed Cyprus to restructure all Cyprus based bank deposits effectively applying a haircut to all accounts of between 6-10 percent. The decision took no account of stewardship and compensated all depositors with shares in the Bank of Cyprus and Laiki Marfin.

The coerced Cyprus government felt obliged to comply failing entirely to protect widows, orphans and those with less the supposed EU guarantee of Euros100,000.

A very dark day indeed for Cyprus while the EU’s decision lacked finesse and fairness.

Posted in Latest News.