Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region Forums132 companies had early warning of Cyprus bank closures
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 The total amount withdrawn comes to US$916 million.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.
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 The total amount withdrawn comes to US$916 million.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.
InfoView thread info, including edit history
TrashPut this thread in your Trash Can (My DU » Trash Can)
BookmarkAdd this thread to your Bookmarks (My DU » Bookmarks)
11 replies, 1524 views
ShareGet links to this post and/or share on social media
AlertAlert this post for a rule violation
PowersThere are no powers you can use on this post
EditCannot edit other people's posts
ReplyReply to this post
EditCannot edit other people's posts
Rec (12)
ReplyReply to this post
11 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
132 companies had early warning of Cyprus bank closures (Original Post)
dixiegrrrrl
Apr 2013
OP
Cyprus President's Family Transferred Tens Of Millions To London Days Before Deposit Haircuts
dixiegrrrrl
Apr 2013
#4
So he can spend more time rolling around in a vault of Euros, gold and cocaine?
hatrack
Apr 2013
#11
denverbill
(11,489 posts)1. Anyone who did that should be jailed for insider trading.
And fined 3x the amount they would have lost.
dixiegrrrrl
(60,010 posts)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
(108,903 posts)2. Quelle Shock! Quelle Awe!
joeybee12
(56,177 posts)6. I can't believe something like this would happen!!!
xchrom
(108,903 posts)8. Who could foresee!?!
joeybee12
(56,177 posts)9. No one! Not one person!
And it seems SOOOOO Unlikely!
malaise
(268,967 posts)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
(59,584 posts)11. So he can spend more time rolling around in a vault of Euros, gold and cocaine?
dipsydoodle
(42,239 posts)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
(60,010 posts)7. THIS letter flatly stated the "tax" was illegal.
Not that it stopped anyone, of course.
phantom power
(25,966 posts)10. There is a club. We are not in it.