You are here

Just 6 cents on the euro for Cyprus bank 'haircut' victims

Section: Daily Dispatches

From Cyprus Mail, Nicosia, Cyprus
Monday, August 12, 2019

Six years on from the demise of legacy Laiki Bank, its uninsured depositors can expect to get about 6 cents on the euro for their savings used to bail in the lender during the March 2013 financial meltdown.

Kleovoulos Alexandrou, the special administrator appointed for Laiki, has said that to date approximately E220 million has been raised from sales of the lender's assets.

... Dispatch continues below ...



ADVERTISEMENT

Kinesis Partners with Healthcare Platform Rejuvenan Global Health,
Enabling Reward Payments Using Digital Gurrencies

Company Announcement
Tuesday, July 30, 2019

NEW YORK -- The board of Kinesis is pleased to announce an investment in and partnership with leading health and wellness company Rejuvenan. The partnership between Kinesis and Rejuvenan is expected to create major synergies between the two companies serving potentially millions of people around the world.

Rejuvenan is a digital wellness and health company that focuses on delivering an integrated and holistic approach to healthcare to its clients. Unlike other wellness/health companies, Rejuvenan's data-driven platform uses artificial intelligence to diagnose and provide clients with specific behavioral modification strategies for optimal health outcomes. By powering a Rejuvenan rewards currency based on the Kinesis platform, Rejuvenan will be able to leverage Kinesis' established operational infrastructure to provide their clients with a rewards system that incentivizes healthy lifestyles. ...

... For the remainder of the announcement:

https://kinesis.money/en/company-news/kinesis-partners-with-us-based-hea...



He told local news outlet Stockwatch that an additional E32 million could be earned from the sale of Laiki's remaining stake in Bank of Cyprus Holdings.

The total recovered amount would work out to about 6% of the E4 billion in uninsured deposits (more than E100,000) completely wiped out in the bail-in. Insured savings were untouched and transferred to Bank of Cyprus.

Laiki was placed under resolution in 2013, its depositors at the time classed as creditors for the purposes of the "haircut." ...

... For the remainder of the report:

https://cyprus-mail.com/2019/08/12/just-6-cents-on-the-euro-for-laiki-ha...

* * *

Join GATA here:

New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Friday-Monday, November 1-4, 2019

https://neworleansconference.com/noic-promo/powellgata/

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16