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Cyprus Property News

D’OH!…. Europe makes a mess of Cyprus bailout.

Date: 19/03/13

Friday’s meeting of the Euro Group of European finance ministers ran into a marathon 10 hour session ending with the most controversial of decisions.

The end result was a proposal to dip into the public bank accounts in what would have went down as the biggest Bank Heist in history. The result of 10 hours of talks with what is supposed to be the finest financial minds in the Euro zone was a one off forced conversion of cash on deposit at every Cypriot bank into shares in Bank of Cyprus and Marfin Laiki at a rate of 6.75% under 100 thousand Euro and 9.9% on all accounts over 100k. 

Needless to say this plan, which sounds like it was thought up at “Moe's Tavern” with Euro Group chief Jeroen Dijsselbloem taking the place of “Homer Simpson” and the German finance minister Wolfgang Schäuble doing a pretty good “Lenny”, was rejected by the Cypriot Parliament with not a single MP voting in its favor. 

As of this morning it looks like the banks on the island will remain closed until next Tuesday. The bond of trust between governments, banks and the people has been undermined not just in Cyprus, but throughout Europe. Immovable property suddenly looks much more attractive. Book your viewing today!

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