Cyprus

Cyprus Popular Bank's Wealthiest Depositors Could Lose 80 Percent of Their Money

According to Cypriot finance minister

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Cyprus Popular Bank's richest clients with uninsured deposits over €100,000 could get only 20% of their money, as the government eyes to wind down its operations, says Finance Minister Michalis Sarris.

"Realistically, very little will be returned," Sarris said in a televised interview with state broadcaster CyBC, adding that it could also take years before those depositors see any of their money back.

"Certainly, for depositors above 100,000 euros it could be a very significant blow," Sarris concluded.

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