Grand Theft Auto!
Re: Grand Theft Auto!
The "purpose" according to what I have read is to make Russian depositors (oligarchs is the term used) take a haircut. Ostensibly it is "hot money". i.e. no one will care if the Russian "crooks" are fleeced. Except now all of Europe is worried that the fleecing won't stop with the "crooks".
Engineering is the art of making what you want from what you can get at a profit.
Re: Grand Theft Auto!
Latest news is that the Cypriot Parliament has rejected the deal by a vote of 36 to 0 with 19 abstentions. Presumably they could be kicked out of the Eurozone and have a total bank default, however, given the shape the big banks are in this may be the max. intimidation they're capable of, and the bond market will collapse first.
CHoff
Re: Grand Theft Auto!
Turns out the Russians got the bulk of their deposits out of Cyprus, the banks had branches in England, so the whole of the shakedown is on the few Cypriots with funds over $100,000. That's chickenfeed for the ECB's bond holders, the whole excercise has had no effect except to wreck the Islands economy, stupid troikia.
CHoff