Sentence examples for default on deposits from inspiring English sources
So a default on deposits is inevitable.
Even with the effective default on deposits, Cyprus will need a huge loan from the troika, and the condition for this loan will be harsh austerity.
This would mean a collapse of the banking sector and would result in an immediate withdrawal of credit from the private sector and a default on the remaining deposits.
If the rumors about a default and a haircut on deposits materialize, Total Eclipse won't have the money to roll out its new product on time.
First, it let the banks default on liabilities to overseas creditors, including deposits in offshore accounts.
So the economy here, battered by a 50percentt devaluation of the peso, a freeze on bank deposits and a partial default on $141 billion in public debt, remains in a state of suspended animation.
Relying on deposits alone still entails risk.
A run on deposits that drained the banks of more than €4bn last week has given jolting plausibility to a scenario that would tear apart the country's superficial, resigned calm: one in which, lacking an agreement this week, the country would default on its debts.
Despite the looming threat of default and a banking collapse, Cypriots on Tuesday balked at EU demands for a levy on bank deposits to raise 5.8 billion euros, an unprecedented measure that opponents said would have violated the principle behind an EU-wide guarantee on deposits of up to 100,000 euros.
Private Bank's clients are not people about to default on subprime or adjustable-rate mortgages, and their deposits at the bank are growing, not shrinking.
