Officials in Cyprus say customers at the country’s largest bank may lose up to 60 percent of whatever savings they have above $128,000 .

Just 37.5 percent of that savings will be converted into bank shares, while the rest may be frozen, take another form of equity or, ultimately, never be paid back.

Although Bank of Cyprus depositors should eventually be able to convert their shares back to money, at this point, the shares hold little value, and it is not certain when if ever they will … [Read More]

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Source: VOA News: Economy and Finance