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Tuesday, March 26, 2013

Russian billionaire cash already gone from Cyprus

Osiris sends -


Have The Russians Already Quietly Withdrawn All Their Cash From Cyprus?

Yesterday, we first reported on something very disturbing (at least to Cyprus' citizens): despite the closed banks (which will mostly reopen tomorrow, while the two biggest soon to be liquidated banks Laiki and BoC will be shuttered until Thursday) and the capital controls, the local financial system has been leaking cash. Lots and lots of cash.

Alas, we did not have much granularity or details on who or where these illegal transfers were conducted with. Today, courtesy of a follow up by Reuters, we do.

The result, at least for Europe, is quite scary because let's recall that the primary political purpose of destroying the Cyprus financial system was simply to punish and humiliate Russian billionaire oligarchs who held tens of billions in "unsecured" deposits with the island nation's two biggest banks.

As it turns out, these same oligrachs may have used the one week hiatus period of total chaos in the banking system to transfer the bulk of the cash they had deposited with one of the two main Cypriot banks, in the process making the whole punitive point of collapsing the Cyprus financial system entirely moot.

http://www.zerohedge.com/news/2013-03-25/have-russians-already-quietly-withdrawn-all-their-cash-cyprus

TAP - any attempt by regular banks to get between organized syndicates and their cash is likely to be unsuccessful.  They work a different method of incentivising staff.

3 comments:

Anonymous said...


26 March 2013

Kate hoax call: Nurse's inquest date set

Jacintha Saldanha was a nurse at King Edward VII's Hospital in London

Memorial service for Kate nurse
Kate hoax nurse was found hanged

The inquest into the death of nurse Jacintha Saldanha, who answered a hoax call about the pregnant Duchess of Cambridge, will be heard in May.

Coroner Dr Fiona Wilcox told a hearing the inquest will take place in central London on 2 May.


http://www.bbc.co.uk/news/uk-england-london-21940953

HETT

Anonymous said...

Savings move to NORTH EU, Amsterdam is last corporate tax haven. You do not want to have savings in the south EU with the 40% saving-cut -rescue-solution. Cyprus will go down in 6 month. Tourism can't save Cyprus. banking market in Europe, with total assets of over €7,470 billion and then the EU makes a remark over cutting savings....haha bet 10-30 % money start moving north .... to Deijselbloems Amsterdam corporate tax haven..
nice controlled crash for the dutch...

Anonymous said...

@ Anon 7:38 am

You might find this interesting. Many people are starting to see that Gold/Silver are far more profitable than banks. Could this Dutch bank be the first to start clamping down on precious metal-based assets?

http://www.silverdoctors.com/dutch-bank-abn-amro-halts-physical-gold-delivery/