Cyprus Money Grab

Here’s the latest news if you missed it: Cyprus Bailout

Early Saturday, the nation reached an agreement with international lenders for bailout help. Part of the agreement: Bank depositors with more than 100,000 euros ($131,000) in their accounts will take a 9.9 percent haircut. Even those with less in savings will see their accounts reduced by 6.75 percent. That’s right: Anyone with money in a Cypriot bank will have significantly less money when the banks open for business Tuesday than they did on Friday.

And I wanted to quote my own comment from Duc‘s blog about what happened in Cyprus this weekend:

Duc,
the situation in Cyprus is unique. Most of the money in their banks is Russian offshore funds, in other words, laundered criminal money.

Message or a pure money grab, we as outsiders cannot know. The message could be about something else entirely, not directed to debtor nations but specifically for the mafia, just under this ‘world crisis’ umbrella.

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