Re: Re: Cyprus Bail Out


@peterhun wrote:

Everybody is pointing the finger of blame, but the only beneficiaries of cutting below 100K would be the Russians and Cypriot banking system.
I don’t understand your reasoning there.

I don’t believe its an EU instruction and it can’t be applied anyway – only the Cypriots can make a law to do it.
Yes but they are caught over a barrel if they want the €10bn from the Euro group they have to comply or go bankrupt. It’s this coercion I am against. What has happened to EU solidarity?

The Cypriots have passed a bill cutting less than 1% of below 100k deposit, there is NO reason for them to do that, except to protect the Russians.
I’m not sure how that protects the Russians and in any case I thought smaller deposit haircuts were thrown out by the parliament. The Russians still stand to lose 20% in the Bank of Cyprus. If the Cypriots think Putin will just stand around and do nothing in retaliation they are dreaming.