Sunday, April 28, 2013

Day Of Financial Infamy As Cyprus Depositors Flushed

Jim Sinclair: "Yes, Cyprus depositors have now been flushed.

"The Bank of Cyprus, the island's largest bank said it has converted 37.5% of deposits exceeding 100,000 euros into a Class A share, with an additional 22.5% held as a buffer for possible conversion in the future.

"Anther 30% will be temporarily frozen and held as a deposit.

"So the amount of money that has been taken from the Cyprus depositors is an all practicality almost their entire accounts.

"Major depositors funds have now been taken in grand style."