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>> EUROPEAN CENTRAL BANK Latest News

MAR 18, 2013 - Washington Post

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Build your own Cyprus bailout!

As I explained Monday morning, a substantial portion of the European Commission/European Central Bank/International Monetary Fund bailout is going to be financed by a "haircut" taken from bank deposits in Cyprus. The current policy has 5.8 billion raised from a 6.75 percent levy on bank deposits under 100,000 and a 9.9 percent levy on deposits over that amount. The former levy targets deposits that are insured by the Cypriot government; suffice it to say, you're not supposed to be able to do stuff like this with insured deposits. Read full article >>

Tags: Build your own Cyprus bailout!,  European Central Bank Latest News