BANK OF CYPRUS DEPOSITORS LOSE 47.5 PCT OF SAVINGS

Depositors at bailed-out Cyprus’ largest bank will lose 47.5 percent of their savings exceeding 100,000 euros ($132,000), the government said Monday.

As part of the bail-in of Bank of Cyprus, depositors taking losses – estimated roughly at around 4 billion euros – will get shares in the bank. Those depositors hardest hit are pension funds belonging to employees for state-run companies, followed by private savers of which some of the biggest are Russians.

http://hosted.ap.org/dynamic/stories/E/EU_CYPRUS_FINANCIAL_CRISIS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-07-29-08-55-21

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