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Laiki Bank liquidated

The second largest bank in Cyprus will be liquidated as a result of agreements reached between the European Union and the President of Cyprus. Deposits up to 100 thousand euros will be returned to their owners, because they are insured by the state. All good assets of the bank will go to the Bank of Cyprus.

This forced measure was taken to save the Cypriot economy from bankruptcy. Depositors who had more than 100 thousand euros on deposits will suffer the most from such a decision, they lost most of their money.