Bank Deposit Slip Templates

WHO WILL EU BANK RAIDERS TARGET NEXT? Shockwaves over ‘template’ Cyprus bailout ?Expat savers fear same tax grab in Spain.

 in Greek mythology, son of Aeson. When Pelias usurped the throne of Iolcus and killed (or imprisoned) Aeson and most of his descendants, Jason was smuggled off to the centaur Chiron, who reared him secretly on Mt. Pelion.

BRITS could face a cash grab on bank accounts held in debt-laden



same as Euroland

 n → ,

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 countries, a top finance minister let slip yesterday, after a
deal was finally agreed in Cyprus.

Markets plunged when Dutch politician Jeroen Dijsselbloem revealed
the levy on savings of more than [euro]100,000 might not be the one-off
move it was claimed to be.

The head of eurozone finance ministers said it gave a template for
action in other problem economies – raising the spectre of expat
accounts in Spain, Italy, Portugal and Greece being plundered next.

Bank shares across the continent tumbled after the minister’s
comments. France’s Societe Generale and Credit Agricole fell 5.9%
and 4.9% respectively and Italian bank Intesa was down 5.7%.

Under the terms of the Cyprus deal anyone with more than
[euro]100,000 (PS85,000) in a Cypriot bank could lose up d h th b il to
40% of their money to fund the bailout. Mr Dijsselbloem said: “If
there is a risk in a bank, our first question should be ‘Okay, what
are you in the bank going to do about that? What can you do to
recapitalise yourself?’ “If the bank can’t do it,
we’ll talk to the shareholders and the bondholders, we’ll ask
them to contribute in recapitalising the bank, and if necessary
uninsured deposit holders.” There are an estimated 750,000 Britons
in Spain, 50,000 in Portugal and 60,000 in Cyprus. Many have transferred
savings to financial institutions in their adopted countries.

One bond trader said: “If you’re an uninsured depositor
at a bank in Spain you wouldn’t be too happy about this.”

Mr Dijsselbloem later tried to calm the crisis he had created by
tweeting that Cyprus was a “specific case”. There were
“no models or templates,” he insisted.

Cypriots were warned they faced years of pain as result of the
PS8.5billion bailout agreed yesterday. Laiki Bank is to be wound down
and deposits of less than PS85,000 shifted to the
Bank of Cyprus


The deal was hailed as good for Germany by its finance minister.

But Russia’s PM
Dmitry Medvedev

 called it “the stealing
of what has already been stolen” in a dig at the deal and Russians
who keep PS17billion outside their homeland in Cypriot accounts.
Ex-Kremlin adviser Andrew Nekrassov said: “There are German
companies operating in Russia. You could look at freezing assets.”

David Cameron

 said he was doing everything possible to help UK military
and civil servants on the island. He said the rescue terms were
“welcome for the people in Cyprus”.

Voice of the Mirror: Page 8

If you’re a depositor at a bank in Spain you won’t be
happy at this BOND TRADER


DOOMED Laiki Bank will go after deal signed by Cypriot president
Nicos Anastasiades at Brussels meeting yesterday