Skip to comments.Cyprus President's Family Transferred Tens Of Millions To London Days Before Deposit Haircuts
Posted on 03/31/2013 1:08:55 PM PDT by abb
A day after former Cypriot President Vassilou was found to be among many elite Cypriot (politicians and businessmen) who had loans written-off by the major (now insolvent) banks; it appears the rot is far fouler than expected. In a somewhat stunning (or purely coincidental) revelation, ENETEnglish reports that Cypriot newspaper Haravgi claims that current President Nicos Anastasiades' family businesses transferred 'dozens of millions' from their Laiki Bank accounts to London just a week before the devastating depositor haircuts were unleashed upon his people. Of course, the denials are loud and Anastasiades has demanded an investigation into the claims; we are sure the government-selected 'independent' committee will be as thorough as the Libor anti-trust investigators. As a reminder, as we noted yesterday, here are Cyprus' gun control laws.
Anastasiades requests investigation into allegations against family members
Color me shocked. A thief is a thief is a thief.
They no longer seem to be hiding their true colors.
Storm the b*stards that’s low.
Maybe wouldn’t be in such hot water and in danger of hanging from a lamppost if he spent it a bit more wisely. For example, could have taken the equivalent amount of money from some public account and went on lavish vacations to the Bahamas, Hawaii, Colorado and so forth.
Corrupt bastard. The same thing will happen here when the US goes bankrupt. Look for King Obamamugme to move billions of his stolen treasure offshore just before he loots OUR bank accounts.
The Russian gangsters took the biggest haircut in Cyprus. They will not be pleased.
Can’t happen here? Don’t bank on it.
The banksters, the wealthy market manipulators and Wall Street insiders approve!
In any normal time this would be enough to topple a leader in a democracy. Of course, I bet Obama could get away with it these days
I’m bettin’ the Russkies got theirs - all of it.
Isn’t this the sort of thing that got the Cocesceaus killed?
If this turns out to be true, it’s over for him. He’s finished. This would be too much for Cyprus....it would be the straw that breaks the camel’s back.
Yesterday, we first reported on something very disturbing (at least to Cyprus' citizens): despite the closed banks (which will mostly reopen tomorrow, while the two biggest soon to be liquidated banks Laiki and BoC will be shuttered until Thursday) and the capital controls, the local financial system has been leaking cash. Lots and lots of cash.
Alas, we did not have much granularity or details on who or where these illegal transfers were conducted with. Today, courtesy of a follow up by Reuters, we do.
The result, at least for Europe, is quite scary because let's recall that the primary political purpose of destroying the Cyprus financial system was simply to punish and humiliate Russian billionaire oligarchs who held tens of billions in "unsecured" deposits with the island nation's two biggest banks.
As it turns out, these same oligrachs may have used the one week hiatus period of total chaos in the banking system to transfer the bulk of the cash they had deposited with one of the two main Cypriot banks, in the process making the whole punitive point of collapsing the Cyprus financial system entirely moot.
Well, we know why they want our guns. And why Cypriots, by and large, are not permitted to own them.
Some pigs are more equal than others