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>> EUROZONE Latest News

MAR 16, 2013 - Zero Hedge

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Germany And IMF's Initial Deposit Haircut Demand: 40% Of Total

As the President of Cyprus proclaims  to his people that "we' should all take responsibility as his historic decision will "lead to the permanent rescue of the economy," it appears that the settled-upon 9.9% haircut is a 'good deal' compared to the stunning 40% of total deposits that Germany's FinMin Schaeuble and the IMF demanded. This action, his statement notes, enables the rescue of 8,000 banking sector jobs and ensuring the liquidity of the banks, "allowing the economy to proceed decisively to a new beginning." Ekathimerini reports," this is the first time in the eurozone that a ... Read More

Tags: Germany And IMF's Initial Deposit Haircut Demand: 40% Of Total,  Eurozone Latest News