Bank of Cyprus deposits raid boosts finances

Associated Press
Bank of Cyprus deposits raid boosts finances

A security guard leaves a branch of Bank of Cyprus in Nicosia, Monday, July 29, 2013. Cyprus’ government says depositors at the bailed-out country’s largest lender will lose a total 47.5 percent of their savings over 100,000 euros. Losses were initially put at 37.5 percent. Another 22.5 percent remained tied up until the lender’s total recapitalization needs were calculated and announced Tuesday by government spokesman Victoras Papadopoulos. The money will be used to boost the Bank of Cyprus’ capital buffers. In exchange, depositors will get shares in the bank.(AP Photo/Philippos Christou)

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