I just don't think you've given us enough to even start on. You're just freaking out - like everyone else. Facts please.
What a strange post you make without contributing anything of substance. Are you asking me to convince you of the reality of the financial crisis
currently ongoing in Cyprus? Or, are you too lazy to seek the answers to the questions you ask for yourself? Nevertheless, I'll humour you...in a
Cyprus joined the European Union in 2004, and joined the euro currency zone in 2008. Cyprus has a history of banking secrecy, which allowed its banks
to take in assests (a large proportion of which is Russian money) that swelled their coffers up to 8 times the country's GDP. The Cypriot government
couldn't support this, but had to do something with those assests, and so it invested heavily in Greece, whose own financial crash wiped out a lot of
the assests the Cypriot government used. Also, the Cypriot banks invested heavily in Cypriot sovereign debt and was thus equally wiped out due to
being tied to government debt which went through the roof when Greece crashed.
Cyprus now teeters on bankruptcy, so it has asked for a bailout from the despised 'troika' - European Union (EU), European Central Bank (ECB), and
the International Monetary Fund (IMF) - which negotiated a a 10 billion euro bailout for Cyprus under specific conditions as requested by the Germans
and the Dutch.
Now, supplying you with the actual text (minutes) of the negotiation settlement is irrelevant, as it has not been made public, afterall the
negotiations were behind closed doors. Along with the 10 billion euro bailout, Cyprus had to come up with an extra 7 billion euro, which is where the
levy on bank deposits come into the scheme, as the levy was expected to raise 6 billion euro, and the rest from austerity measures.
Quite rightly, Cypriots are enraged by the deal, as it breaks all the protection rules of deposited capital in banks within Europe. All the buffoonery
and kack-handed management of the deal has now led to an even greater crisis and a more potentially damaging situation threatening to engulf other
European countries. If the Cypriot banks had opened on Tuesday, a run on its banks would most certainly have occurred, potentially sparking a run on
banks in other countries. It has also damaged the confidence and trust of the public in banks and the banking system even further, to a point where
both confidence and trust no longer exist.
As I write this I learn that the vote to approve the deal in the Cypriot parliament has been taken and has been denied. They have not accepted the
deal. Cyprus may probably turn to Russia for aid and help with its crisis?
Again, it is irrelevant whether or not the Russian assests held in Cypriot Banks is actually 'laundered' money. I would suggest that all banks have
or do launder money to some extent. A new round of laundering by the HSBC bank is currently hitting the news, this is after being fined nearly $2
billion dollars for laundering in the USA. Cypriot banks grew their coffers under the supervision of the European troika, so some of the blame has to
go towards them for a laxity in their regulation.
As for links, just type in 'Cyprus Bailout' in google and you'll have all the links you need to answer the pithy questions you may further ask.
Then again, the point of your post was never about clarification on the Cypriot crisis was it? No. Something in my original post garnered your
disdain, and what you are really trying to do is to pour ambiguous scorn into the thread under the guise of seeking further clarification. Such
clarification you could easily have found by your own effort. If you are not prepared to do the research yourself, I'm not going to act as your
lackey and do it for you.
There are numerous threads on ATS covering the Cypriot Crisis that provide links for you. My original post was such not to add another thread on the
crisis, but to offer up an opinion on it. Whether you agree or disagree is not my concern, I really couldn't care less. I just know that your post
needlessly pointed towards me specifically with its questions, and I found them quite redundant.
If you genuinely want to know more about the Cypriot Crisis, my advice is...do the research yourself. I did.