“The society which has abolished every kind of adventure makes its own abolition the only possible adventure.” Paris, May 1968

Sunday, 17 March 2013

It's a hole in the wall Yannis - but not as we know it.

If the Cyprus government agrees to the conditions of the EU/IMF bailout and goes ahead with the proposed levy on bank deposits the affects will be felt far and wide.  Half of all bank deposits on the island are believed to be those of Russian money launderers. Where will this money go if Cyprus is no longer such a safe option? Well there's always the London property market. No doubt a warm welcome will be extended from those loveable estate agents.
Of course ordinary Cypriots who have managed to put a bit of money to one side will be understandably angry. There is already the start of a run on the banks and as you can see, some efforts to withdraw cash have been more determined than others.

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