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Author: PosFCF Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 457418  
Subject: Re: Cyprus secured a 10 billion euro loan Date: 3/25/2013 7:16 AM
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Even the best-protected senior bondholders investing in the bank would see their holdings "wiped out", Dijsselbloem told journalists. Loans to the government in Nicosia once the parliament there approves the deal in April, will be for 10 billion ($A12.49 billion).

I read somewhere this past weekend that up to 70% of the Cypriot workforce is dependent on the banking industry for their employment. So if one of the logical consequences of this new "solution" is to destroy the majority of the banking system, thus massively increasing unemployment, then one wonders where the Cyprus government will get the revenues to make payments on this 10 billion Euro loan?

Poz
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