A deeper dive in the cause of the Cyprus problem
Posted on April 15, 2013 · Filed under: Macro
This article eloquently describes how the Eurobanks played Cyprus knowing what was coming well ahead of the 1 week notice given to the President. Granted the Cyprus politicians – and more so i would say the leaders of the troubled banks – should have no doubt acted faster seeing their deposits shrink in particular withdrawals from the Eurobanks which are the more sophisticated investors and the highest dependency to banking stability. But the fact doesn’t change, Eurobanks played Cyprus and our ignorant leaders to maximise profit and generated ‘free money’ as the article puts it. They are the clear winners of the situation. The losers: Cypriot depositors.
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