(Reuters) - As new President Nicos Anastasiades hesitated over an EU bailout that has wrecked Cyprus's offshore financial haven status, money was oozing out of his country's closed banks. [youtube]http://www.youtube.com/watch?v=OKByJOeCy5o[/youtube] No one knows exactly how much money has left Cyprus' banks, or where it has gone. The two banks at the centre of the crisis - Cyprus Popular Bank, also known as Laiki, and Bank of Cyprus - have units in London which remained open throughout the week and placed no limits on withdrawals. Bank of Cyprus also owns 80 percent of Russia's Uniastrum Bank, which put no restrictions on withdrawals in Russia. Russians were among Cypriot banks' largest depositors. While ordinary Cypriots queued at ATM machines to withdraw a few hundred euros as credit card transactions stopped, other depositors used an array of techniques to access their money. Source: http://www.reuters.com/article/2013/03/25/eurozone-cyprus-muddle-idUSL5N0CG13920130325
RE post 1. A quick plane trip to London or Moscow would have been a good move by Cypriots.. Regards Errol 43 Thanks for posting silver2012
I congratulate anyone, no matter how they made it or who they are, who can get their money away from those thieves.
Once again, it is the incompetence of politicians that proves to be their greatest adversary. Edit to add: You know, until the guillotines are setup.
Because of the amount of money the Russians have been pulling out of the banks in Cyprus over the past 2 weeks, the Bank of Cyprus has had to go to the ECB and request further emergency credit. It wouldn't surprise me that after the dust settles, that along with Laiki bank the bank of Cyprus also becomes insolvent.
