Wall Street Webcasting Presents Wells Fargo Securities: Small Depositors Spared, but Large Depositors and Bondholders Face Significant Haircuts in Cyprus Bailout Agreement
NEW YORK--(BUSINESS WIRE)-- Wall Street Webcasting presents exclusive video of Rich Gordon, the highly regarded Fixed Income Market Strategist of Wells Fargo Securities (NYS: 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
KEYWORDS: United States North America Cyprus New York Middle East
The article Wall Street Webcasting Presents Wells Fargo Securities: Small Depositors Spared, but Large Depositors and Bondholders Face Significant Haircuts in Cyprus Bailout Agreement originally appeared on Fool.com.
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