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Scandal Hits Cyprus

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Scandal Hits Cyprus

by Stephen Lendman

Looting once thought safe bank accounts are becoming the bailout method of choice.

Grand theft is official Cypriot policy. Bank account haircuts are authorized. Those above 100,000 euros are targeted.

Depositors may lose much more than initially thought. Minimally it's around 40% of their money. It may be double that amount or more. Potentially it's everything. 

In return, they'll get unsecured IOUs (promises to pay). They'll be converted to bank shares. They may end up worthless.

Small depositors aren't safe. If enough money isn't raised, they're vulnerable. Once thought safe bank accounts are being looted. It gets worse.

Friends of President Nicos Anastasiades got advance word . Cypriot newspaper Haravgi said A. Loutsios & Sons Ltd wired 21 million euros to London. It did so on March 12 and 13. It was days before capital controls were imposed.

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