Saturday, March 30, 2013

Cypriot Haircut Larger Than Expected

The final number is in for the haircut received for accounts over 100K, and it’s a doozy:

  • 5 out of every 8 dollars are gone, and
  • The other 3 out of 8 bailed-in to the banks in exchange for equity, and
  • A promise that some of it might be returned if the banks stabilized.

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