Big depositors in Cyprus will lose big money


Cypriot Finance minister Michalis Sarris will less than 100,000 euros in their bank accounts “will not be hit,” but people with big accounts could see 40 percent of their deposits converted into bank shares. The exact percentage is not yet decided. The reopening of banks closed since March 15 was expected after Cyprus and the EU/IMF agreed on a deal for the release of 10 bn euros conditional on Nicosia raising 5.8bn euros itself. 

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