The European Union bailout of Cyprus made the Russian government angry because this will result in a heavy loss for foreign depositors, which includes many Russians. This will also result in a loss of uninsured bank deposits in Cyprus over 100,000 euros, which is about $130,000. However, this sends a good message for those who are thinking about moving their capital to Russian banks. Russians are thought to have most of the 19 billion euros of non-EU, non-bank money in Cypriot banks.
2 comments:
I wish the Russian officials, specifically Putin, would reveal their assets - similarly to the French cabinet ministers who now have to disclose their financial wealth. I wonder if any of the Russian officials have any money hiding in Cyprus banks.
Post a Comment