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Cypriot Parliament rejects EC bank deposits levy – what will Russia do?

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As of a couple of minutes ago – 18.30, 19th March – the Parliament of Cyprus rejected the bail out offered by the EU and the IMF on condition that the Cypriot banks hand over up to 10% of the deposits they hold.

In the last 24 hours it has become known that Russia has indicated that it may bail out Cyprus itself. Much of the volume of deposits in the Cypriot banks is said to be Russian money; and Russia has the lowest ratio in the world of total debt to GDP.

This may not of course happen, but the very suggestion that it might – and it has the capability to do so without economic strain – introduces a new variant into this volatile situation.


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