Cyprus known as Laiki Bank), into a "bad" bank which would be wound down over time and a "good" bank which would be absorbed by the Bank of Cyprus. In return for a €10 billion bailout from the European Commission, the European Central Bank and the International Monetary Fund, often referred to as the "troika", the Cypriot government was required to impose a significant haircut on uninsured deposits, a large proportion of which were held by wealthy Russians who used Cyprus as a tax haven. Insured deposits of €100,000 or less were not affected. According to the 2017 International Monetary Fund
Net current asset value Net current asset value The net current asset value (NCAV), commonly referred to as the Cigar Butt Investment Strategy, is an investment technique outlined by Benjamin Graham in Security Analysis. Graham suggests buying a well-diversified portfolio of stocks considered cheap because their Net Current Asset Value exceeds their Market Capitalization. Total Current Assets - Total Liabilities = Net Current Asset Value (NCAV) Number of Shares Outstanding × Current Price per share = Market Capitalization (MC) If: NCAV > MC then the stock is considered cheap. According to "Ben Graham's NCAV (Net Current Asset Value) Technique in the 21st Century" this