Final Cyprus deal: Laiki bank accounts over 100k gone
 

Final Cyprus deal:

None of the measures will affect desposits below €100,000. Except the temporary withdraw limits (not yet defined, for the moment at 100 eur a day for ATM).
Note that deposits below €100,000 of Popular Bank of Cyprus (Laiki) will be moved to the Bank of Cyprus, the "good bank".

For deposits with €100,000 or above, it depends on what bank:

1) Popular Bank of Cyprus (Laiki) ones will be frozen and used to resolve debts (levy: early official was 40%+, informed bloggers say 90%), and the bank will be closed, all employees fired. This was the second largest bank, the "bad bank".

2) Bank of Cyprus: the calculations "will be done", % of levy not known or announced yet. Early options was 20%, 25% etc. This is the largest bank, the "good bank".

Other banks: unaffected?

oh shit...this is bad for many people

Yes I know several (mostly russian) ones with account in Laiki.
Even those who had less than 100k, have no idea when money can be got.

"Dijsellbloem: Can't for sure say when Cypriot banks will open. No fixed date. More on this later today"

In fact I wonder what Moscow will say about few $billion of Russians money "gone" by EU deal. Early today some russian politician said they could freeze the bank accounts of german companies in Russia!?...

bank wars....countries taking money from each other in retaliation

interesting

I wonder how many companies are likely to go bankrupt as a result of closing one bank

Laiki was quite popular with adult site and paysite owners, even though they officially don't allow adult. I am sure this will affect some people in the industry.

Laiki actually closed down my account with them about a year ago, so I guess that was pretty lucky after all.

Russia ought to invade the Goddamned place and straighten out things.

Put about half the fucking bank leaders against the wall.

They don't get this shit fixed, Greece, Spain and Portugal will follow in short order and then watch out for banking in whatever country in which you live

:2 cents:

I loled

8 char

Seems like a good solution to me. Throwing the rule book out of the window and helping yourself to investors' money gives others carte blanche to do the same.

Where is the link of the bloggers commenting on what percentage of Laiki can be recovered?

What will be interesting is to see the real backlash, if any. If there is none, or very little, you can count on this happening in a county near you in the future.

Though, I would imagine a few people will end up dead over this.

So,who here have account in laiki bank :)

Shit happens.

:Oh crap

I guess big companies like Google, Facebook and Starbucks whose eu companies are located in Ireland another taxheaven, feel some concern about this development

and for me personally it's just to dress me up and go to my new working Place
:1orglaugh

http://www.travelblog.org/Photos/4210443

True.. they should have done the same to Ireland and not bailed them out.
Ireland takes the piss with their 'tax free goods' areas and corp tax as 12%

Fucking robbers and you can do the shit, move money from banks and end this shit

I am happy this is happening. But here is again my age being shown.

In my day Cyprus was heaven for heroin dealers, Turkish sex slave traders and weapons dealers to launder their money. Today you can add Russian child pornographers to this list.

It was 60% of their economy back in the 1970s and from everyone I talk to it is estimated to be more than 80% today.

When this is finished we will have to wait and see which German web hosts start going bankrupt because then we will know who was selling hosting to the child pornographers.

banks always win...

bank gets sued by brilliant district attorney, bank offers brilliant DA nice job as attorney for the bank, DA accepts its perfectly legal, not so brilliant DA comes along, bank wins

the end

Use Google:

"Laiki Bank will be wound up and its €4.2bn in deposits of more than €100,000 will be placed in a "bad bank", meaning they could be wiped out entirely.
Smaller deposits at Laiki will see their accounts transferred to the Bank of Cyprus."

"Laiki Bank's UK (three branches in London and one in Birmingham): UK deposits under E100k are safe, but Laiki Bank UK deposits over E100k will be frozen and may be lost."

And most importantly: No decision yet on Cyprus bank reopening: Central Bank
http://www.globalpost.com/dispatch/n...g-central-bank

So at the moment: who got less than €100k is "safe" but can not get the money until they decide they wish to give. Who got more than €100k may be given a candy (shares of failed bank) in 2018.

yup totally :2 cents:

makes you wonder if the death of the suicide Russian billionaire ties into this

I fell sorry for lot of ppl...

Cyprus banks to re-open tomorrow, except for Laiki Bank & Bank of Cyprus which re-open on Thursday due to merger & restructuring.

What a cluster fuck.

They said when the 2 banks will open (thursday 28), but now how much you can take out per day, which is what matters.

Nicos Nastasiades said the island will introduce some limits on transactions to prevent an outflow of money when its banks re-open this week, but: "I want to assure you that this will be a very temporary measure that will gradually be relaxed". He did not specify what limitations would be imposed on transactions.
("very" temporary is sort of funny statement, either say just temporary, or...)

"Companies that had to meet margin calls to avoid defaulting on deals were granted funds. Transfers for trade in humanitarian products, medicines and jet fuel were allowed."
(now I wonder how many russian gangsters cried they need cash for humanitarian products)

http://mafiatoday.com/wp-content/upl..._Mafia_Car.jpg

http://img.izismile.com/img/img3/201..._russia_00.jpg

Why are you fuckers soo worried about this? I read posts about various poor porn companies that may be caught up in all this. Who the fuck cares??? If they weren't fucking our local government by hiding taxable funds (yeah $ that makes our country work) then they wouldn't have this problem in the first place. I'm sure their will be plenty of local business that will be fucked because of this. But I don't feel bad one bit for people who hide their $ because they don't want to pay their share of taxes.

what goes around, comes around

Italy next.

Italian Bank Confirms Loss of $985 Million in Secret Deals
http://www.nytimes.com/2013/02/07/bu...eals.html?_r=0

The state loan of 3.9 billion euros ($5.22 billion) to Banca Monte dei Paschi di Siena SpA BMPS.MI -"is not a bailout of a bank in crisis," the governor of Italy's central bank, said:
http://online.wsj.com/article/SB1000...960941658.html