Man Loses $1 Million in Savings After Cyprus Bank Goes Under
- 11 years ago
A man loses $1 million in savings sfter Cyprus bank goes under.
As Cyprus goes through an economic crisis, there are many tragic personal stories.
65-year-old John Demetriou went broke one night while he was sleeping.
He awoke one day to learn that the Cyprus bank holding his $1 million in life’s savings was being dismantled. Their creditors will likely take all of John’s money.
John’s son George said of the matter, “The whole family, we used to work at the markets. Honest work in honest jobs. Now all that hard work is paying the debts of other people and the government. It's disgusting, to be honest.”
His only hope is that he finds a loophole, as his money was in Australian dollars rather than Euros. He is unable to find anyone who can answer his question.
His greatest concern is how this will affect his family. He was planning to use the money to send his grandchildren to college.
He’d heard some rumors about the bank’s potential closing a week before, but was assured by the bank manager, a friend of his, that everything would be fine.
As Cyprus goes through an economic crisis, there are many tragic personal stories.
65-year-old John Demetriou went broke one night while he was sleeping.
He awoke one day to learn that the Cyprus bank holding his $1 million in life’s savings was being dismantled. Their creditors will likely take all of John’s money.
John’s son George said of the matter, “The whole family, we used to work at the markets. Honest work in honest jobs. Now all that hard work is paying the debts of other people and the government. It's disgusting, to be honest.”
His only hope is that he finds a loophole, as his money was in Australian dollars rather than Euros. He is unable to find anyone who can answer his question.
His greatest concern is how this will affect his family. He was planning to use the money to send his grandchildren to college.
He’d heard some rumors about the bank’s potential closing a week before, but was assured by the bank manager, a friend of his, that everything would be fine.