Cyprus-Forum.com

by **DT.** » Mon Mar 25, 2013 1:59 am

Euro took off

by **bill cobbett** » Mon Mar 25, 2013 2:05 am

This is how Kathimerini reported the deal a few mins ago...

Kathimerini understands that the hold-up was caused by differences between Nicosia and the IMF over the potential merger of Cyprus Popular Bank (Laiki) and Bank of Cyprus following a resolution process.

The IMF and Germany insist that after being split into a good and bad bank, “good” Laiki should be merged with Bank of Cyprus and the new lender should then assume liability for the 9 billion euros that Laiki received as Emergency Liquidity Assistance (ELA) from the European Central Bank.

Anastasiades reportedly rejected this proposal and warned Lagarde that he would be forced to resign if the IMF insisted on it.

Furthermore, deposits that are above 100,000 euros, and therefore uninsured, at the Bank of Cyprus face a deposit tax of between 30 and 40 percent, as Nicosia tries to raise the funds demanded by the troika to qualify for a 10-billion-euro bailout.

Sources suggested that deposits at other banks in Cyprus would be spared a haircut.

by **DrCyprus** » Mon Mar 25, 2013 2:07 am

by **GreekIslandGirl** » Mon Mar 25, 2013 2:09 am

DT. wrote:Euro took off

Sunday, 24/03/2013; 11:31pm

GreekIslandGirl wrote:We're staying in the Euro. (Tomorrow - or Tuesday, the Euro soars.)

Ha ha ha - I should be a Hedge Fund Manager.

(Devils)

by **DT.** » Mon Mar 25, 2013 2:16 am

GreekIslandGirl wrote:
DT. wrote:Euro took off

Sunday, 24/03/2013; 11:31pm

GreekIslandGirl wrote:We're staying in the Euro. (Tomorrow - or Tuesday, the Euro soars.)

Ha ha ha - I should be a Hedge Fund Manager.

(Devils)

you slick so and so

by **bill cobbett** » Mon Mar 25, 2013 2:17 am

This is how Reuters are reporting the deal...

(would not be nice to have above 100,000E in a Laiki account)

Deposits below 100,000 euros in Laiki will be transferred to Bank of Cyprus. Deposits above 100,000 euros, which under EU law are not insured, will be frozen and will be used to resolve debt. It remains unclear how large the writedown on those funds will be.

The EU spokesman said there would be no "levy" imposed on any Cypriot banks, with the package requiring a full "bail-in" of uninsured depositors, which is likely to mean heavy losses for those with large holdings in Laiki and potentially Bank of Cyprus, where many Russians hold bank accounts.

by **apc2010** » Mon Mar 25, 2013 2:38 am

When will the Cyprus government vote or is this a done deal tonight ..??

by **bill cobbett** » Mon Mar 25, 2013 2:43 am

apc2010 wrote:When will the Cyprus government vote or is this a done deal tonight ..??

Pres Nic has been in regular communication with the parties back in Nic... so he's prob got them on board.

by **apc2010** » Mon Mar 25, 2013 3:11 am

So a done deal........???

by **apc2010** » Mon Mar 25, 2013 3:19 am

On BBC five live now........

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