Capital flight has become a serious threat to the Cypriot economy


Cyprus bank queueYes. The entire Cyprus population as of today will be fully employed for the foreseeable future. Their jobs…

STANDING IN LINE AT THE BANK TO GET THEIR DAILY CASH ALLOTMENT!!

The calm reported in the media just turned to ANGER in Cyprus. Continue reading

Cyprus Haircuts Could Lead to Bank Runs Says Russia

CBS Cyprus VideoCypriots have taken a significant haircut losings a significant portion of their deposits. Without the new deal, all depositors would have lost funds. By striking a deal at least depositors with under $100,000 will be “fully guaranteed”.

Cyprus, with the agreement of Eurozone finance ministers, dodged a disorderly sovereign default and unprecedented exit from the euro by bowing to demands from creditors to shrink its banking system in exchange for 10 billion euros (equivalent to $13 billion US) of aid to prevent its banking system collapsing and keep the country in the eurozone. All Cyprus banks will remain closed until Thursday, the central bank has announced in a shock statement. Continue reading