Sunday, March 24, 2013

Cyprus: Day Seven (Sunday)

Saturday has come and gone.

The best of Saturday was this realization around the island that a tax of some type....will occur on account holders, period.  The numbers might be tossed around in some minor way but there is nothing much left of a alternate deal.

It appears that individuals with accounts of 100k Euro or less....will survive on.  Accounts above that level....will be in a special status.  You probably won't be able to relieve your money or do much of anything with it.  Bad loans will affect the bigger accounts....with money simply taken off the top of those banks.  The method?  Yet to be decided.

Sunday ends up being the day that meetings at the EU occur with Cyprus officials and the final details are put into place.

Monday is another off day for the banks....but it's also a day that all bank officials can run up the final details and be prepared for Tuesday.

Sometime on Tuesday morning....the banks ought to open, and do regular business.  Whether or not anything can ever be 'regular' again....might be open to debate.

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