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Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 27 March, 2013, 18:45Be the first to give this comment the thumbs up 0 likes

To me, those two phrases have meant 'certainty' rather than 'safety'. Not sure what's the deposit insurance limit in Cyprus but, if we consider the US, the FDIC insurance limit is US$ 250K, so in the event of a bank going bust, account holders should be contractually prepared to lose 100% of their balance above that figure. Given that they're able to recover 60% of their balance above EUR 100K from banks in Cyprus, aren't they getting more than what they were *contractually* promised? I know the situation is very different *emotionally* but, end of the day, spin doctors might latch on to the contractual standpoint. People lost the bulk of their trust with banks as custodians of their money during the GFC. I doubt if Cyprus makes much too much difference.

Martin Bailey

Martin Bailey

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