Friday, March 22, 2013

Closer to a Solution
Outside Parliament Today
Protests continue outside parliament asTroika rejects measure to national pension funds; but seems open to bank restructuring. The  plan contains a measure that would split Laiki Bank into two banks, so-called good and bad versions. All deposits in Laiki of 100,000 and below would be guaranteed be transferred to the good Laiki, which would also take all the outstanding loans that are current. Deposits over 100,000 would be shaved or possibly forfeit. The bad Laiki would take the loans that are behind in payment, try to collect and foreclose and sell properties, and would be closed within five years, preserving jobs until then. The good Laiki would continue as a healthy bank. A levy may be imposed on deposits over 100,000 in Bank of Cyprus as well.

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