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To: 11th_VA
The EuroGroup has agreed that depositors with less than €100,000 should be protected

Russians have many of the larger accounts -- some of the money is even legit -- and quite possibly won't react with charity to this proposal to raise the assessment from 10% on their share. It is possible that some of the less nuanced individuals will even be angered. A significant number of the remaining larger accounts belong to various Europeans who aren't likely to feel excessive altruism either.

19 posted on 03/18/2013 2:02:00 PM PDT by steve86 (Acerbic by Nature, not NurtureĀ™)
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To: steve86

The large accounts ( EUR100,000+) were not insured. The Cypriot banks were offering up to 11% interest per annum. Clearly a risky proposition. Didn’t Europeans learn anything from the Icelandic bank collapses? This is not that big a deal. So they lose the equivalent of one year’s anticipated interest. The smaller insured domestic accounts were paying 4 to 6% interest. So even in that case the haircut is approximately equivalent to one year’s interest.


25 posted on 03/18/2013 3:52:47 PM PDT by Procyon (Decentralize, degovernmentalize, deregulate, demonopolize, decredentialize, disentitle.)
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