Once the Laiki bank is wound down, 18,000 un"insured" depositors are looking at every dollar in excess frozen and submitted to the winding down process.
It is being estimated that the bank resolution process could take 3 to 4 years and those accounts may incur as much as 60% losses. THIS IS ON TOP OF FIRST BEING HIT WITH A POSSIBILITY OF A 25% HIT RIGHT AWAY WITH THE DEPOSIT LEVY.
Russian Banks are estimated to have 40 Billion in loans for Russian businesses in Cyprus. It is estimated that the Cyprus farce may affect Russian GDP by as much as - 2%.
How bad/desperate is the situation in Europe with regards to Italy/Spain (you know, the one they're not talking about and is all fine) that the Troika thought going after Russia would be a good idea??????/
Scary, the more I read on this Cyrpus mess the more concerned I become. These bank stress test must be inadequately designed or why do these problems keep coming up. I like to see the stock market correct but not a Lehman type situation.