Cyprus Bank Depositors Just Had Their Accounts Emptied
We've heard the rumors and estimates, but now it's apparently happened:
If you check the numbers, the actual results of these actions mean that depositors accounts have been virtually emptied - far worse than the rumors and estimates. Do the math:
37.5% of deposits converted into worthless shares of a failed bank.
22.5% held for "possible conversion.
That's a total of 60% flat out gone.
Then there's the 30% that's been kept as deposits but "frozen" - meaning you can't get to them. Why frozen? We'll have to wait and see.
The total, therefore is 90% of depositors accounts either outright stolen, or being held in such a way as account holders can't get to their money.
90%!!!
By the way, there's nothing - at this moment - reported by either the Wall Street Journal, Bloomberg, or Reuters. I don't know about you, but this does strike me as big news. I guess these MSM sources don't think so.
(See the last post about how they reported the resignation of JPM COO over the weekend.)
My source for this was the UK Telegraph. You'll also find this reported in Asian news sources.
Bank of Cyprus said it had converted 37.5pc of deposits exceeding €100,000 into "class A" shares, with an additional 22.5pc held as a buffer for possible conversion in the future.Another 30pc would be temporarily frozen and held as deposits, the bank said.
If you check the numbers, the actual results of these actions mean that depositors accounts have been virtually emptied - far worse than the rumors and estimates. Do the math:
37.5% of deposits converted into worthless shares of a failed bank.
22.5% held for "possible conversion.
That's a total of 60% flat out gone.
Then there's the 30% that's been kept as deposits but "frozen" - meaning you can't get to them. Why frozen? We'll have to wait and see.
The total, therefore is 90% of depositors accounts either outright stolen, or being held in such a way as account holders can't get to their money.
90%!!!
By the way, there's nothing - at this moment - reported by either the Wall Street Journal, Bloomberg, or Reuters. I don't know about you, but this does strike me as big news. I guess these MSM sources don't think so.
(See the last post about how they reported the resignation of JPM COO over the weekend.)
My source for this was the UK Telegraph. You'll also find this reported in Asian news sources.
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