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
This is the way leftists and beaurocrats run it. Rape the citizens, protect themselves. With no way to protect themselves (guns) citizens have no power.
Just wait till the deposit haircuts take place here in the US and all congresscritters have made their money transfers to offshore accounts.
After all, they have access to classified market information and are allowed to do insider trading.
No, he is not.
He has all his money in a safe place and, as far as he is concerned, Cyprus can go to hell. He’ll never set foot on that island again.
The Russians will eventually hunt down members of this family, and probably ask them to hand over all their loot, or face execution. The problem with the former president is that he was from the Communist Party, and helped to funnel all of these stupid investments over into Greece, which was a total disaster. The bankers never really grasped or asked questions....just accepting this logic.
I don’t see how this ex-president survives in the end.
In America, what goes for “Congress” will pass
haircut protection for themselves ... and Moslems.
LOL! I meant politically finished, at least in Cyprus.
If I were him, I’d have that private jet fueled up, the pilot on a moment’s standby, a suitcase full of untraceable bearer bonds by the door, another suitcase with gold bullion (with a handtruck, of course) and I’d be sleeping in my clothes.
In any event, as you pointed out, he’ll never return to Cyprus again. He’ll be yukking it up somewhere nice, no doubt, with a 20-something bottle blond at his side.
“The Russian gangsters took the biggest haircut in Cyprus. They will not be pleased.”
I don’t think that is true. The back door was left open in London and few other places for them to withdraw there money.
Many business owners in Cyprus had their operating money taken however. They are going to have to shut down.
There was also a backdoor open in Russia, apparently.
I doubt the gangsters got soaked too much. They pulled out probably around the same time the Cypriot pols did. I would imagine that folks like that are fairly well-connected and “in the loop”.
There’s going to be a lot of bankrupt business in Cyprus in the not too distant future, unfortunately. Lots of unemployment on the horizon. The tourist industry can help somewhat, but there’s cheaper - and just as sunny and warm - places to go in that part of the world. I know most Czechs head for Morocco typically, and Istanbul as well.
I must say, there’s an archeological site in Turkey I’d love to check out....a somewhat mysterious site. Göbelki Tepi. It looks fascinating; it’s considered the world’s oldest known religious structure. Dates to around 9000 B.C.
No, they didn't. During the entire time of the banking holiday in Cypriot, the branches in London were open. And there were no withdrawal limits.
The money is all gone.
Why, where did he get such prescience? It.. it is almost like he KNEW what was going to happen!
AMAZING! He should join the Psychic Friends Network!
Probably why the percentage of their money confiscated kept growing.
The president has also been reported telling many friends to withdraw their money before the deposit haircuts were announced. He knew this was coming down.
This really stinks!
“Just wait till the deposit haircuts take place here in the US and all congresscritters have made their money transfers to offshore accounts.”
How many Congress critters and Wall Street bank CEO’s lost money during the 2008 financial meltdown in the USA?
Jon Corzine looted depositor money and shuffled it to other firms before MF Global went down, yet he is still walking the streets free as a bird. Does anyone believe Warren Buffett isn’t getting insider information from Obama and Bernanke?
Corruption is the same here as in Cyprus. The bigwigs are taken care of and the citizens pay the price.
“Color me shocked. A thief is a thief is a thief.”
He probably has obama on retainer.
You think that after these congresscritters, RATS and RINOs, have collected their cash, they will leave the country for good? :)
Yeah, that’s how they are all millionaires on less than $100,000 a year.
The big boys here are already taking their money out of the banks. Why do you think I to MY money out of the bank? Stupid sheeple in this country.
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