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They said no and ran to Russia to try to pressure the Northern Europeans. And they came back crying... The new deal, AFAIK, confiscates all money over 100K eur

They said no and ran to Russia to try to pressure the Northern Europeans. And they came back crying... The new deal, AFAIK, confiscates all money over 100K euros in the second largest bank, the other one was a 10% tax on all. Either way, Greece had some leverage and used it to its advantage. Despite the huge cuts they were forced to make, they never met the goals set and they were lowered or extended. Cyprus it seems, has very little to no leverage. They can surely leave the Euro, like I can leave my wife, drop the lease and quit the job at the same time with nothing else waiting.

masklinn 14y ago
> The new deal, AFAIK, confiscates all money over 100K euros in the second largest bank, the other one was a 10% tax on all. It's not a confiscation of all the money. Accounts are frozen, but the final levy (solely on accounts >€100k rather than across the board) are expected to be around 30%: > Asked about the level of losses on uninsured depositors in Bank of Cyprus, he told state radio: "The assessment is that it will be under or around 30 percent."
- OGinparadise 14y ago
  The way I read it, all their money in the second largest bank (above EUR 100K) is on hold, until all the loans, and investments are unwounded. http://www.reuters.com/article/2013/03/25/cyprus-resolution-idUSB5E8KL01220130325 http://www.reuters.com/article/2013/03/25/cyprus-resolution-... No one really knows how much they'll get back. That's a lot of uncertainty, they essentially screwed one bank's customers over and sent the insured accounts to another.