During the early hours of Monday morning, EU leaders agreed to another bailout for Cyprus. The island will receive the €10 billion (us$12.9 billion) it needs to avoid collapse without most Cypriots having money removed from their bank accounts. But Cyprus’s economy has been destroyed. The nation is left as a vassal state of the new German empire.
Cyprus’s second-largest bank, Laiki, also known as the Popular Bank of Cyprus, will be split up. The profitable parts of the bank will merge with the Bank of Cyprus. Those with less than €100,000 in Laiki will not lose any money. The unprofitable parts will be used to create a “bad bank,” which will gradually be put out of business. Depositors with over €100,000 in Laiki will lose a lot of money. No figures have been announced yet, but they could lose everything above €100,000.