March 29, 2013 at 15:42 PM EDT
Ouch!: This Laiki Bank Account Shows the Startling Reality for a Cyprus Businessman
We came across this story on the Lew Rockwell's Blog this morning. It's an example of how a picture paints a thousand words. This is what an 85% haircut actually looks like: Writes the owner: To continue reading, please click here...

We came across this story on the Lew Rockwell's Blog this morning.  It's an example of how a picture paints a thousand words.

This is what an 85% haircut actually looks like:

Writes the owner:

"Most circulating assets on our business Current Account are blocked. Over 700k of expropriated money will be used to repay country's debt. Probably we will get back about 20% of this amount in 6-7 years.

I'm not Russian oligarch, but just European medium size IT business. Thousands of other companies around Cyprus have the same situation.

The business is definitely ruined, all Cypriot workers to be fired. We are moving to small Caribbean country where authorities have more respect to people's assets."

Ouch.

Now you know why Martin Hutchinson says "the Cyprus bailout could set banking back 300 years".

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