Bloomberg is reporting via CYBC, the state-run broadcaster in Cyprus, that Cyprus Popular (a.k.a. Laiki) – the country’s second-largest lender and arguably most afflicted bank – will be shut down.
The plan will follow the “good bank/bad bank” format.
Assets from the “good bank” will be sold, and the proceeds of the sale will be returned to depositors.
Bank deposits of less than 100,000 euros are guaranteed, says Bloomberg.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.