Senior bondholders face haircut in Cyprus

BRUSSELS (Reuters) - Senior bondholders in the Cyprus's Laiki Bank will be wiped out because the bank will be wound down, while senior bondholders in the Bank of Cyprus will also contribute to the recapitalization of the banks, euro zone officials said.

"Laiki bank will have to be resolved... so yes, senior bond holders, along with the others, will be wiped out there," the chairman of euro zone finance ministers, Jeroen Dijsselbloem, told a news conference.

"(Bank of Cyprus) needs to be recapitalized and the contribution to this recapitalization must come, inevitably, from senior bondholders, junior bondholders, shareholders and, to some extent, we don't know to what extent yet, also from uninsured depositors," he said.

(Reporting By Jan Strupczewski)

Source: http://news.yahoo.com/senior-bondholders-face-haircut-cyprus-025325780--business.html

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