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Cyprus final bailout agreement is worse for the FX brokers
Unlike the original proposal, uninsured depositors will likely lose around 40% (not 10%) at Cyprus' two largest banks. The new (and seemingly final) Cyprus bailout agreed to Sunday night by senior Cyprus government officials, the EU and the IMF will see the complete wind-down of Laiki bank, the second largest bank in the country. The insured deposits of Laiki bank (deposits under €100,000) will remain intact and will be transferred to Cyprus' largest bank, the Bank of Cyprus. That's all nice, but how did Cyprus come up with the €5.8 billion or so it needed to show the EU, in order to secure ... (full story)
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