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South Cyprus 60% haircut rumours

30 March 2013

Government figures, predicted by Finance Minister Michalis Sarris and Central Bank Governor Panicos Demetriades, had previously indicated that large depositors with over 100,000 euro in the bank, would lose around 40% of their uninsured savings.North Cyprus News - South Cyprus bank levy

However, the actual amounts to be lost will be announced later today and the news is already unofficially being leaked.

It appears that depositors will now lose a whopping 60% of their funds. This haircut is far larger than expected and can only accelerate recession.

Those with deposits less than 100,000 euros will continue to be protected under the state’s deposit guarantee.

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