Posted by: youngragingbull | March 19, 2013

Fitch puts three Cypriot banks on negative watch

Fitch Ratings on Tuesday placed three Cypriot banks on rating watch negative to reflect “downside rating risks arising from the deliberations to impose losses onto the banks’ depositors.”

The action comes after an unprecedented bank-deposit tax was introduced as part of a bailout program for Cyprus, raising fears of a run on the country’s banks, which are closed until Thursday.

The banks affected by Fitch’s negative watch are Bank of Cyprus PCL, Cyprus Popular Bank PCL and Hellenic Bank PCL.

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