Wall Street Webcasting Presents Wells Fargo Securities: Small Depositors Spared, but Large Depositors and Bondholders Face Significant Haircuts in Cyprus Bailout Agreement

Wed Mar 27, 2013 11:34am EDT

* Reuters is not responsible for the content in this press release.


NEW YORK--(Business Wire)--
Wall Street Webcasting presents exclusive video of Rich Gordon, the highly
regarded Fixed Income Market Strategist of Wells Fargo Securities (NYSE: WFC).
This week Gordon discusses the terms for a 10 year bailout package for Cyprus to
avoid them falling into default and a possible exit from the Euro. One of the
conditions of the package is for two of the largest Cypriot banks to be made
into one, while many of the distressed assets will be placed together in a
separate entity. 

Also in the package, Gordon points out that "depositors with less than a
€100,000 would be made whole, but depositors with more than 100,000 would face
sizeable losses." In regards to the other Cyprus banks; large depositors may
also face some "haircuts", but Gordon stress that no small depositors will face
a reduction of their deposit, no matter which bank it is. 

To hear Gordon`s observations of the bailout and analysis of this effect the
Euro and other markets, tune into Wells Fargo Securities` newest video. 

Please visit the following link to view the video: 


Wall Street Webcasting
William Colon, 201-683-2100 

Copyright Business Wire 2013

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.