Cyprus Bail-in Settlement Finalized...Finally

The Cyprus Bail-in of customer accounts has finally been settled. Initially, account holders with over 100,000 Euro were allowed to keep 37.5%. The authorities said they were holding another 22.5% "in reserve." So, theoretically, these account holders might wind up with 60% of their original balance. Alas, it was not to be. The final settlement will be 47.5%.

So if you had a thriving business in Cyprus and your operating account held 1,000,000 Euro, you're left with 475,000 Euro, a loss of 525,000 Euro, or $626,000 at current Euro/USD exchange rate.

That's a big loss, but more importantly, we ask: Shouldn't this settlement be a big story?

(Reuters) - Cyprus and its international lenders have agreed to convert 47.5 percent of deposits exceeding 100,000 euros in Bank of Cyprus to equity to recapitalize it, banking sources said on Sunday.

Note that the story was published by Reuters on Sunday - a weekend story. Which means it's been essentially suppressed by MSM. The powers that be would rather we not know the truth here, I suppose. If we did we might wonder whether bail-in could be used on us someday, in the event our own bank faced problems.

How else to explain the effective silent treatment given to a story that dominated headlines only months ago?

(Click HERE for the whole story.)