When they first toyed with the idea that they would confiscate funds from private accounts, the EU and Cyprus said they’d only take 6 to 9.9% of the funds. Then it was only accounts that had over 100,000 euros in it. Then when it was passed the percentage suddenly went up to 20%-30% and now 80% is being floated out there as an idea. How is no one in the streets over this?
Cyprus Popular Bank’s richest clients with uninsured deposits over €100,000 could get only 20% of their money, as the government eyes to wind down its operations, says Finance Minister Michalis Sarris.
“Realistically, very little will be returned,” Sarris said in a televised interview with state broadcaster CyBC, adding that it could also take years before those depositors see any of their money back.
“Certainly, for depositors above 100,000 euros it could be a very significant blow,” Sarris concluded.