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Bank of Cyprus Big Savers To Lose Up To 60%

A Central Bank official and a senior Finance Ministry technocrat says that Bank of Cyprus savers with over 100,000 euros could take losses of up to 60 percent.

A man uses an ATM machine of the Bank Of Cyprus
A man uses an ATM machine of the Bank Of Cyprus (Milos Bicanski/Getty Images)

The officials, who spoke on condition of anonymity because they’re not authorized to publicly discuss details of the issue, said Saturday that deposits over 100,000 at the country’s largest lender will lose 37.5 percent of their value after being converted into bank shares.

They said they could lose up to 22.5 percent more, depending on an assessment by officials who will determine the exact figure aimed at restoring the troubled bank back to health.

Cyprus agreed Monday to make depositors contribute to a financial rescue in order to secure 10 billion euros ($12.9 billion) in loans from the eurozone and the IMF.

(Copyright 2013 The Associated Press. All Rights Reserved)

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