Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Cyprus President's Family Transferred Tens Of Millions To London Days Before Deposit Haircuts
Zero Hedge ^ | March 31, 2013 | Tyler Durden

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.


TOPICS: Business/Economy; Crime/Corruption; News/Current Events
KEYWORDS: cyprus; eu; haircut
http://www.enetenglish.gr/?i=news.en.economy&id=481

Anastasiades requests investigation into allegations against family members

1 posted on 03/31/2013 1:08:55 PM PDT by abb
[ Post Reply | Private Reply | View Replies]

To: abb
It's good to be the king.
Love, Mel
2 posted on 03/31/2013 1:10:19 PM PDT by NonValueAdded (If you can keep your head when all about you are losing theirs, you've likely misread the situation.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: abb

Color me shocked. A thief is a thief is a thief.

They no longer seem to be hiding their true colors.


3 posted on 03/31/2013 1:11:07 PM PDT by NoGrayZone (For evil to triumph it is only necessary for good men to do nothing.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: abb

Storm the b*stards that’s low.


4 posted on 03/31/2013 1:11:47 PM PDT by toddausauras (FUBO x 1,000,000,000,000,000,000,000,000,000)
[ Post Reply | Private Reply | To 1 | View Replies]

To: abb

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.


5 posted on 03/31/2013 1:13:06 PM PDT by C210N (When people fear government there is tyranny; when government fears people there is liberty)
[ Post Reply | Private Reply | To 1 | View Replies]

To: abb

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.


6 posted on 03/31/2013 1:13:23 PM PDT by Jim Robinson (Resistance to tyrants is obedience to God!!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: abb

The Russian gangsters took the biggest haircut in Cyprus. They will not be pleased.


7 posted on 03/31/2013 1:14:06 PM PDT by AU72
[ Post Reply | Private Reply | To 1 | View Replies]

To: Jim Robinson

Can’t happen here? Don’t bank on it.


8 posted on 03/31/2013 1:14:36 PM PDT by Jim Robinson (Resistance to tyrants is obedience to God!!)
[ Post Reply | Private Reply | To 6 | View Replies]

To: abb
Cyprus President's Family Transferred Tens Of Millions To London Days Before

The banksters, the wealthy market manipulators and Wall Street insiders approve!

9 posted on 03/31/2013 1:15:09 PM PDT by dragnet2 (Diversion and evasion are tools of deceit)
[ Post Reply | Private Reply | To 1 | View Replies]

To: abb

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


10 posted on 03/31/2013 1:15:29 PM PDT by GeronL (http://asspos.blogspot.com)
[ Post Reply | Private Reply | To 1 | View Replies]

To: NonValueAdded
It's good to be the King!

some_text
11 posted on 03/31/2013 1:15:43 PM PDT by 3Fingas (Sons and Daughters of Freedom, Committee of Correspondence)
[ Post Reply | Private Reply | To 2 | View Replies]

To: abb
do I really have to say it???

12 posted on 03/31/2013 1:17:19 PM PDT by Chode (Stand UP and Be Counted, or line up and be numbered - *DTOM* -ww- NO Pity for the LAZY)
[ Post Reply | Private Reply | To 1 | View Replies]

To: AU72

I’m bettin’ the Russkies got theirs - all of it.


13 posted on 03/31/2013 1:17:24 PM PDT by ErnBatavia (Piffle....)
[ Post Reply | Private Reply | To 7 | View Replies]

To: abb

Isn’t this the sort of thing that got the Cocesceaus killed?


14 posted on 03/31/2013 1:17:46 PM PDT by ryderann
[ Post Reply | Private Reply | To 1 | View Replies]

To: abb

15 posted on 03/31/2013 1:23:20 PM PDT by AnAmericanAbroad (It's all bread and circuses for the future prey of the Morlocks.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: abb

Not surprised.


16 posted on 03/31/2013 1:23:43 PM PDT by BenLurkin (This is not a statement of fact. It is either opinion or satire; or both)
[ Post Reply | Private Reply | To 1 | View Replies]

To: abb

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.


17 posted on 03/31/2013 1:24:48 PM PDT by AnAmericanAbroad (It's all bread and circuses for the future prey of the Morlocks.)
[ Post Reply | Private Reply | To 15 | View Replies]

To: AU72
Have The Russians Already Quietly Withdrawn All Their Cash From Cyprus?

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.

18 posted on 03/31/2013 1:26:09 PM PDT by Chode (Stand UP and Be Counted, or line up and be numbered - *DTOM* -ww- NO Pity for the LAZY)
[ Post Reply | Private Reply | To 7 | View Replies]

To: Chode

Well, we know why they want our guns. And why Cypriots, by and large, are not permitted to own them.


19 posted on 03/31/2013 1:30:18 PM PDT by Black Agnes
[ Post Reply | Private Reply | To 18 | View Replies]

To: abb

Some pigs are more equal than others


20 posted on 03/31/2013 1:32:31 PM PDT by Uncle Chip
[ Post Reply | Private Reply | To 1 | View Replies]

To: abb

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.


21 posted on 03/31/2013 1:32:46 PM PDT by vpintheak (Occupy your Brain!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: abb

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.


22 posted on 03/31/2013 1:33:30 PM PDT by 353FMG ( I do not indicate whether I am serious or sarcastic -- I respect FReepers too much.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: AnAmericanAbroad

>He’s finished.<

.
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.


23 posted on 03/31/2013 1:36:21 PM PDT by 353FMG ( I do not indicate whether I am serious or sarcastic -- I respect FReepers too much.)
[ Post Reply | Private Reply | To 17 | View Replies]

To: Uncle Chip


24 posted on 03/31/2013 1:39:08 PM PDT by Chode (Stand UP and Be Counted, or line up and be numbered - *DTOM* -ww- NO Pity for the LAZY)
[ Post Reply | Private Reply | To 20 | View Replies]

To: AU72

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.


25 posted on 03/31/2013 1:39:31 PM PDT by pepsionice
[ Post Reply | Private Reply | To 7 | View Replies]

To: 353FMG

In America, what goes for “Congress” will pass
haircut protection for themselves ... and Moslems.

Like before.


26 posted on 03/31/2013 1:40:04 PM PDT by Diogenesis (De Oppresso Liber)
[ Post Reply | Private Reply | To 22 | View Replies]

To: 353FMG

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.


27 posted on 03/31/2013 1:42:54 PM PDT by AnAmericanAbroad (It's all bread and circuses for the future prey of the Morlocks.)
[ Post Reply | Private Reply | To 23 | View Replies]

To: AU72

“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.


28 posted on 03/31/2013 1:49:03 PM PDT by Revel
[ Post Reply | Private Reply | To 7 | View Replies]

To: Revel

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.

http://en.wikipedia.org/wiki/G%C3%B6bekli_Tepe


29 posted on 03/31/2013 1:57:04 PM PDT by AnAmericanAbroad (It's all bread and circuses for the future prey of the Morlocks.)
[ Post Reply | Private Reply | To 28 | View Replies]

To: AU72
The Russian gangsters took the biggest haircut in Cyprus. They will not be pleased.

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.

30 posted on 03/31/2013 1:58:55 PM PDT by John123 (US$ - I owe you nothing. Euro - Who owes you nothing.)
[ Post Reply | Private Reply | To 7 | View Replies]

To: abb

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!


31 posted on 03/31/2013 2:00:48 PM PDT by freedumb2003 (LBJ declared war on poverty and lost. Barack Obama declared war on prosperity and won. /csmusaret)
[ Post Reply | Private Reply | To 1 | View Replies]

To: John123

Probably why the percentage of their money confiscated kept growing.


32 posted on 03/31/2013 2:03:55 PM PDT by driftdiver (I could eat it raw, but why do that when I have a fire.)
[ Post Reply | Private Reply | To 30 | View Replies]

To: abb

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!


33 posted on 03/31/2013 2:06:24 PM PDT by rawhide
[ Post Reply | Private Reply | To 1 | View Replies]

To: AU72
Actually the Russians were able to withdraw almost all their money after the haircuts was announced, from a sister bank within Russia. There was no withdrawal limits placed on that bank.
34 posted on 03/31/2013 2:09:16 PM PDT by rawhide
[ Post Reply | Private Reply | To 7 | View Replies]

To: 353FMG

“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.


35 posted on 03/31/2013 2:43:58 PM PDT by Soul of the South (Yesterday is gone. Today will be what we make of it.)
[ Post Reply | Private Reply | To 22 | View Replies]

To: NoGrayZone

“Color me shocked. A thief is a thief is a thief.”

He probably has obama on retainer.


36 posted on 03/31/2013 2:44:37 PM PDT by freeangel ( (free speech is only good until someone else doesn't like it)
[ Post Reply | Private Reply | To 3 | View Replies]

To: Soul of the South

You think that after these congresscritters, RATS and RINOs, have collected their cash, they will leave the country for good? :)


37 posted on 03/31/2013 2:54:21 PM PDT by 353FMG ( I do not indicate whether I am serious or sarcastic -- I respect FReepers too much.)
[ Post Reply | Private Reply | To 35 | View Replies]

To: 353FMG

Yeah, that’s how they are all millionaires on less than $100,000 a year.


38 posted on 03/31/2013 3:11:11 PM PDT by autumnraine (America how long will you be so deaf and dumb to thoe tumbril wheels carrying you to the guillotine?)
[ Post Reply | Private Reply | To 22 | View Replies]

To: abb

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.


39 posted on 03/31/2013 3:12:54 PM PDT by MeneMeneTekelUpharsin (Freedom is the freedom to discipline yourself so others don't have to do it for you.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Black Agnes
100%
40 posted on 03/31/2013 4:15:31 PM PDT by Chode (Stand UP and Be Counted, or line up and be numbered - *DTOM* -ww- NO Pity for the LAZY)
[ Post Reply | Private Reply | To 19 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson