Wall Street Webcasting Presents Wells Fargo Securities: Small Depositors Spared, but Large Depositors and Bondholders Face Significant Haircuts in Cyprus Bailout Agreement
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:
http://www.wsw.com/webcast/wav/