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HomeUpdate on Cyprus: Russian Banking Ingenuity
Posted by Larry Doyle on March 26th, 2013 7:51 AM |
With the news that the larger depositors (i.e, those accounts with greater than EU100,000) in Cypriot banks will bear the brunt of the burden of the bailout and bail-in, one would think this might incite fear and outrage amongst this crowd.
These depositors are being prepped to lose upwards of 40% of their holdings. Many of these depositors are known to be Russian businessmen.
Who knows what the future holds for the island nation of Cyprus, but if we were to believe some of what we read in the Financial Times this morning, the fear and angst expected within the Russian business community seems to be met with an amazing sense of equanimity. How so? (more…)
