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Naysayers and conspiracy theorists have predicted such a step has long. And now it is – initially only in Cyprus – actually happened: Each account holder loses ca. 6-10% its assets.

Normally would step in at a bank failure of the Deposit Protection Fund and rescue all balances below a certain limit. Thus, the private for old age would be safe, while the millions of wealthy bank customers lost down to the base amount went. But this was apparently politically undesirable…

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