Deposits below the EU deposit-guarantee ceiling of 100,000 euros will be protected, and a loss of no more than 40 percent will be imposed on uninsured depositors at the Bank of Cyprus, two EU officials said. Uninsured depositors at Cyprus Popular would largely be wiped out, two other officials said.
Boldfaced emphasis added by me.
And so with a wave of a wand — this isn’t even going up for a vote because it’s been framed as a bank resolution — in the Iron Fist of the State, POOF!, your money disappears.
Russian Oligarchs did not get to be Oligarchs playing nice or recognizing rules. There will be vengeance.
Having now created this loophole scheme that “absolves” the politicians, how long before it’s applied in other countries?