132 companies had early warning of Cyprus bank closures

[dixiegrrrrl]

One hundred and thirty-two companies reportedly had inside knowledge of Cyprus’ impending levy tax as they withdrew deposits worth US$916 million in the run-up to the bailout deal.

The companies withdrew their savings in the two week period (between March 1 to March 15) leading up to the rescue deal that enforced heavy losses on wealthy depositors in Cypriot banks, according to Greek newspaper Proto Thema.

Shortly after this the EU ministers and the IMF hammered out a 10-billion-euro (US$13 billion) bailout agreement with Cyprus, which included a one-time tax on deposits held in Cypriot banks.

The companies on the list withdrew their deposits in euro, USD, GBP and Russian rubles and later transferred to banks outside of Cyprus. The total amount withdrawn comes to US$916 million.

The list consists of shipping and energy companies, legal practices and state-run companies, Der Spiegel reported. The published list was not yet verified.

http://rt.com/news/cyprus-companies-withdraw-money-218/

Some of the companies had connections to the PM., including his son in law.

The list in the article.

[denverbill]

1. Anyone who did that should be jailed for insider trading.

And fined 3x the amount they would have lost.

[dixiegrrrrl]

4. Cyprus President's Family Transferred Tens Of Millions To London Days Before Deposit Haircuts

I posted that part of the story a bit earlier..
http://www.democraticunderground.com/10022597821

Some of the news sources are soft pedaling the on going scandal, but others, like the Irish Times, are linking the
PM and Finance Minister with profiting from foreknowledge.

[xchrom]

2. Quelle Shock! Quelle Awe!

[joeybee12]

6. I can't believe something like this would happen!!!

[xchrom]

8. Who could foresee!?!

[joeybee12]

9. No one! Not one person!

And it seems SOOOOO Unlikely!

[malaise]

3. The Finance Minister resigned today

The political class and its economic allies are beyond corrupt

http://www.aljazeera.com/news/europe/2013/04/201342124611981371.html

Cypriot Finance Minister Michalis Sarris has resigned citing his role as chairman of Laiki Bank, whose failure was a major contributor to the island's near financial meltdown, as one of the reasons behind his decision.

His resignation on Tuesday was accepted by President Nicos Anastasiades, presidential spokesman Christos Stylianides said.

Sarris' resignation comes after agreeing to the terms of a $13bn bailout from the International Monetary Fund and the European Union. The minister has faced strong criticism for his handling of negotiations with Cyprus's international creditors.

Earlier on Tuesday, the government launched a judicial probe into how the island was pushed to the verge of bankruptcy before having to agree to a crippling eurozone bailout.

[hatrack]

11. So he can spend more time rolling around in a vault of Euros, gold and cocaine?

[dipsydoodle]

5. There is comment at the bottom of the link

which casts doubt on the legality of the tax.

However - no tax, no bailout, no Cyprus as we know it.

[dixiegrrrrl]

7. THIS letter flatly stated the "tax" was illegal.

Not that it stopped anyone, of course.

[phantom power]

10. There is a club. We are not in it.