http://www.businessinsider.com/russian-black-money-threatens-to-boot-cyprus-out-of-the-eurozone-2013-1
German Bailout Chancellor Angela Merkel, who is trying to avoid any tumult ahead of the elections later this year, has a new headache. Cyprus might default and exit the Eurozone.
Using taxpayer money or the ECB’s freshly printed trillions to bail out the corrupt Greek elite or stockholders, bondholders, and counterparties of decomposing banks, or even privileged speculators, is one thing, but bailing out Russian “black money” is, politically at least, quite another.
Cyprus is in horrid shape. Particularly its banks. Their €152 billion in “assets” are 8.5 times the country’s GDP of €17.8 billion.
“Assets” in quotation marks because some have dissipated and because €23 billion in loans, or 27% of the banks’ entire credit portfolio, are nonperforming. That’s 127% of GDP! And then there are the Russian-owned “black-money” accounts.
Read more:
http://www.testosteronepit.com/home/2013/1/9/russian-black-money-threatens-to-boot-cyprus-out-of-the-euro.html#ixzz2HZx4dKl2
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