Thursday 21 September 2017

Big Cypriot bank depositors could take hit of around 40pc - minister

President of Cyprus Nicos Anastasiades addresses the nation with a televised speech from the presidential palace in Nicosia
President of Cyprus Nicos Anastasiades addresses the nation with a televised speech from the presidential palace in Nicosia

CYPRUS’S Finance Minister Michael Sarris said on Tuesday big depositors in Cypriot banks could lose about 40pc of their deposits as part of a €10bn international rescue plan.

"It could be in that neighbourhood but I do not want to anticipate it," Sarris told BBC radio, adding the exact figure was yet to be decided. "But what I have seen suggests a number in that neighbourhood."

European shares steadied today, with some investors using the previous sessions' steep sell-off to buy back into the market, but uncertainties about the broader implications of the Cyprus bailout kept a lid on any gains.

The FTSEurofirst 300 was flat at 1,186.48 points in morning trade.

"We hooked masses of selling yesterday afternoon, but in the absence of a 'bad news chaser', now we can have the quarter-end rally, so watch those new shorts being squeezed," said Justin Haque, broker at Hobart Capital Markets.

Reuters

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