Cyprus Bailout | Money Withdrawn From Laiki Banks Around World

Cyprus Bailout | Money Withdrawn From Foreign Laiki BanksWITHOUT  PREJUDICE
Cyprus Bailout | Money Withdrawn From Laiki Banks Around World
Zero Hedge reports Russian money has already gone – for what it’s worth I extract below:

“While ordinary Cypriots queued at ATM machines to withdraw a few hundred euros as credit card transactions stopped, other depositors used an array of techniques to access their money.

No one knows exactly how much money has left Cyprus’ banks, or where it has gone. The two banks at the centre of the crisis – Cyprus Popular Bank, also known as Laiki, and Bank of Cyprus – have units in London which remained open throughout the week and placed no limits on withdrawals. Bank of Cyprus also owns 80 percent of Russia’s Uniastrum Bank, which put no restrictions on withdrawals in Russia. Russians were among Cypriot banks’ largest depositors.

So while one could not withdraw from Bank of Cyprus or Laiki, one could withdraw without limitations from subsidiary and OpCo banks, and other affiliates?”
If this is true, and that’s a big if, then not knowing where the money has gone is a crock. If enormous amounts of money have now left Cyprus banks to go abroad, you can be sure it did not leave as cash. Money transfers leave a paper trail and that trail is easily followed.

If, as we are led to believe, the billions held in Cyprus banks by Russians has been moved, then someone, other than the account holder, knows where it is now.

More shameful if that money is of dubious origin.

The cause of the problems in the banking industry have been laid at the door of the banks and the government. If this has happened whilst ordinary Cypriots have been restricted to a severely limited amount via the ATM’s, what does it tell us? What have they learned from past mistakes, will they mend their ways? Not a promising start.

Banks remain closed in the Republic of Cyprus till Thursday but as with previous reports, this could change.

I leave it for you to decide.

Power to the people

Citizen Smith

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