From Reuters:
While ordinary Cypriots queued at ATM machines to withdraw a few hundred euros as credit card transactions stopped, other depositors used an array of techniques to access their money.
No one knows exactly how much money has left Cyprus’ banks, or where it has gone. The two banks at the centre of the crisis - Cyprus Popular Bank, also known as Laiki, and Bank of Cyprus - have units in London which remained open throughout the week and placed no limits on withdrawals. Bank of Cyprus also owns 80 percent of Russia’s Uniastrum Bank, which put no restrictions on withdrawals in Russia. Russians were among Cypriot banks’ largest depositors.
http://www.reuters.com/article/2013/03/25/eurozone-cyprus-muddle-idUSL5N0CG13920130325
If this is true, Cyprus is screwed.
Yea, real quiet. Everyone in the world know they got their money out.
im definitely living in bizarro world when I cheer the Russians over progressives
Of course not! All the Russian oligarchs and mafiosos just let the EU take their money and just grumbled about it. /sarc
this guy is such an idiot.
The “purpose” was not to punish Russian criminals, that was merely a happy side effect of not bailing out a corrupt country’s corrupt banking system that enables international corrupt criminal enterprises by helping them launder money from: Human Trafficking, PING! Selling Goods to Global Terrorist organizations, PING! You name it Vladimir Putin’s murderous minions are in it up to their eyeballs.
Contrary from “warning Latvia” against taking the Russian money, they should have demanded that Latvia both take and seize the Russian money.
It makes perfect sense to close the banks until the bank officials and Roosians get their money out. After all, it’s the people’s country—make them pay for it.
Thanks for posting. ZH is doing an extraordinary job following Cyprus. It is very interesting. BE PREPARED.
Speaking of “- - - Russian billionaire oligarchs - - -, “ just how many Russian billionaire oligarchs does it take to rob a bank, any bank?
Is the president of Cyprus under investigation for reports that he tipped off many people that this haircut was coming, and for them to quickly withdraw their money from the Cyprus banks?
I read an article about this.
If the money is gone...there can be no bailout and Cyprus is finished.
We will know very soon.
Late last week, Cypriot officials met with the Russians reportedly to conduct
talks of a Russian bailout using Cypriot natural gas reserves as collateral.
The meetings were widely reported and took two or three days and ended with the Russians not offering any assistance.
Those meetings, I belive, were really for the purpose of facilitating the transfer of Russian funds away from Cypriot banks.
I find it hard to believe that the Russians would let their money be trapped by idiots like Merkel and LaGarde. As a matter of fact, I believe the ECB
New World Order illuminati bankers know full well what went down, even participating in the ruse in fear of the Russians.
For part II. Is it a coincidence about Putin’s nemisis dying the other day. Was he going to screw the pooch?
Theft is theft. If the banks short any depositor, they are thieves, and should be subject to retaliation for said theft.
If a message from a Russian Oligarch to a Cypriot bank manager suggests the possibility of an “accident” befalling said manager, accommodations might be made...