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Any outstanding debts had been transferred into the Bank of Cyprus, which then exploited an exceptionally huge portion of those aforementioned accounts in addition to Those people accounts made up of in excess of 1 million Euros. The vast majority of Those people accounts have been owned by Russian investors.
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As Element of the bailout to redeem the government in Cyprus from personal bankruptcy in 2013, the Laiki Bank, which was the second biggest monetary establishment in Cyprus, was shut.
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