"The agreement calls for Cyprus Popular Bank Pcl (CPB) to be shut down and split. The Bank of Cyprus Plc would take over the viable assets of the failed bank along with 9 billion euros in central bank-provided emergency liquidity aid, according to three EU officials who asked not to be named because talks are ongoing.
Bank Deposits Deposits below the EU deposit-guarantee ceiling of 100,000 euros will be protected, and a loss of no more than 40 percent will be imposed on uninsured depositors at the Bank of Cyprus, two EU officials said. Uninsured depositors at Cyprus Popular would largely be wiped out, two other officials said."
At http://www.bloomberg.com/news/2013-03-24/cyprus-said-to-reach-tentative-deal-to-avert-default-euro-exit.html
My comments:
The question that I am interested in: "How much Russian money is banked with Cyprus Popular?" If there is significant Russian money - and we're talking potentially billions here - then there might be very, very serious ramifications.
Whatever, I don't think Cyprus Popular Bank is too Popular at present.
