Monday, April 1, 2013

Correction: Cyprus Haircut

Tufte’s Law: Never trust the legacy media to correctly report important economic and financial details; always double check.

I quoted the haircut imposed on deposits over 100K that I posted the other day from Reuters. Here is the correct version from The Telegraph:

  • 3 out of 8 euros are converted into (close to worthless) equity.
  • 2 out of 8 euros will no long pay interest of any sort.
  • 3 out of 8 euros will still pay interest that is deferred indefinitely (no doubt, if you withdraw it now, you lose any chance at your interest).

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