Thursday, 21 March 2013

Who knew about the Cypriot bank holiday and took capital flight beforehand?

At the last minute: Cypriot politicians plundered their bank accounts

In the week prior to the EU decision for a compulsory levy in Cyprus, almost 4.5 billion euros left the country. Members of the government and people close to the government are suspected in particular.

The head of the Cypriot Central Bank estimates that in the first days after the introduction of the compulsory levy, about 10 percent of deposits in banks in Cyprus will leave the country (here). But as the Italian news agency Ansamed reported with reference to local media, capital flight has long since reached epic proportions. Just in the week before the weekend deciding the compulsory levy, hundreds of bank customers took capital of nearly 4.5 billion euros abroad. 4.5 billion euros in just one week.


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