Posts Tagged ‘bank run’

20
Mar

EU dipping hand into Cyprus Depositors Cash in their Banks!

Recent headlines are mainly focused on the potential bailout plan in the Republic of Cyprus, a member state of the European Union. Over 7o% of its 1.1million population is ethnic Greek, maybe that is the reason so often mistaken to be part of another country in financial crisis, Greece.

“The entwinement of Cyprus and Russia, the world’s ninth-biggest economy, makes things complicated. Russia’s banks and companies have $31 billion parked in Cypriot banks, according to estimates by Moody’s Investor Services” – Bloombarg Businessweek

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