Failed European banks are now demanding the seizure of 47.5 percent of funds in private savings accounts in Cyprus.

08/01/13

This new form of bank bailout referred to as a "bail-in" or recapitalization, no matter how they label it, is nothing more than a theft of private savers.

According to 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.


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