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Wed Jun 19, 2013, 05:43 PM

Too funny..Cyprus's bailout needs ...a bailout.

It is " I told you so" time.

Remember when Cyprus decided to grab the customer's money in 2 of its banks?
And also decided to put severe limits on how much money depositor's could have at any given time?
Claiming that it needed the stolen money to give to the IMF so the IMF would give Cyprus a loan to save its economy?
( think about that for a minute)

Turns out.....

Cyprus’ president has asked eurozone leaders for a complete revamp of his country’s €10bn bailout,
warning Nicosia may not be able to meet the rescue’s current terms because it has harmed the country’s economy and banking system even more than expected.


(ahhh.. so it WAS expected that the economy and banking would be harmed to some degree, then.)

In a letter sent last week and obtained by the Financial Times, Nicos Anastasiades wrote that the restructuring of the country’s two largest banks was “implemented without careful preparation”, wiping out the working capital of many Cypriot companies and requiring unprecedented capital controls that were suffocating the island’s economy.


Wiping out companies and suffocating the economy was an OBVIOUS result of not letting businesses have their money to pay expenses. Sheesh.

Worth the read for head shaking stupidity....
http://www.ft.com/cms/s/0/b9b8ff9c-d80c-11e2-b4a4-00144feab7de.html

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