Comments on: Cyprus versus the EUstapo – a mischievious idea

By: Buck Turgidson

Buck Turgidson — Tue, 26 Mar 2013 19:05:54 +0000

I’m not the only one with this opinion….read on

Why now, when everything is supposedly fixed and when the impression of stability is paramount? Perhaps the reason is that as CNBC’s Michelle Caruso-Cabrera reports from Cyprus, there is now an rumor that the “other” bank – Bank of Cyprus – may also be on the verge of liquidation.

While this is unsubstantiated for now, it would make sense in the aftermath of yesterday’s confusing announcement of a select bank reopening today, followed hours later by an extension of the bank closure through Thursday (at least, likely longer), but more importantly, following reports that Russian depositors may have already long pulled out their cash from Cyprus, meaning not even full impairments on all uninsured depositors will be enough to cover the capital shortfall, with the only option being impairment of the insured depositors after all… or bank closure.

By: Jason

Jason — Thu, 21 Mar 2013 19:51:48 +0000

In reply to Buck Turgidson. Cypriots

By: AndyGood

AndyGood — Thu, 21 Mar 2013 13:46:27 +0000

In reply to Golem XIV. Second rule of politics : Never believe anything until it has been officially denied...

By: Enexoumeypothesi

Enexoumeypothesi — Thu, 21 Mar 2013 07:36:59 +0000

In reply to Bakasone. maybe because the Kremlin bureaucrats stash their ''earnings'' in Cyprus?

By: Golem XIV

Golem XIV — Wed, 20 Mar 2013 18:45:30 +0000

In reply to Bakasone.

Hello Bakasone,

You are right that many of the companies incorporated in Cyprus have their accounts in banks in other countries. This is true but official figures do suggest there are still quite a number of billions actually in Cyprus. Or rather were in Cyprus.

I think what worries them all Russia Cyprus as well as the EU is if the dirty details about how much money laundering has been done and who by, were to came out. Too many details could come out of Cyprus if anyone cared to look.

So far no one has looked. EVen when specifically asked to.

Same in the UK.

By: Bakasone

Bakasone — Wed, 20 Mar 2013 17:43:29 +0000

The Russian billions have never been there. The oligarchs only maintain offices on Cyprus, they are incorporated in Cyprus, but they do their banking in safer places. Only the ones who can not show where their money comes from depend on Cypriot banks. Russia’s exposure to the island state appears to be smaller than expected. I wouldn’t know why Putin should ge involved.

By: Golem XIV

Golem XIV — Wed, 20 Mar 2013 11:06:48 +0000

In reply to Enexoumeypothesi. Gazprom has denied they were in discussions. I love a good denial.

By: Enexoumeypothesi

Enexoumeypothesi — Wed, 20 Mar 2013 10:52:48 +0000

Very good said David. I don’t object to any of your suggestions as long as Russia guarantees our sovereignty and security …. I’ll just name 2 countries that could screw us AGAIN : UK & Turkey

By: Patricia

Patricia — Wed, 20 Mar 2013 05:53:04 +0000

In reply to John G. If a bank has covered bonds and then collapses those bond holders can take their cut from our deposits and so i would bet that the 10% they are saying would occur under the OBR would be much larger than that.

By: Buck Turgidson

Buck Turgidson — Wed, 20 Mar 2013 02:29:32 +0000

I’m wondering if the Russians are using the time the banks are shut down to do just what you said and that is spirit their laundered money back to Russia. I think the banks could be in the process of being plundered by the Russians leaving the poor Ceteians (or whatever they are called) broke..