Wednesday, March 20, 2013

Cyprus Europe abandoned and turned to Russia.


Cyprus Europe abandoned and turned to Russia.

Cyprus Parliament rejected tonight unpopular new tax on bank deposits, which was agreed on Saturday with the European Union.
This has been called into question international bailout for the troubled eurozone member country needed to rescue from bankruptcy and the collapse of its banking system.
56-seat Parliament rejected the bill by 36 votes "against" and 19 "abstained". One member did not attend.
During the debate, the president of parliament called deputies to say "no blackmail."
It seems Putin prevailed this time Merkel.
The risk of failure remains high.
Whether and how Russia will help Cyprus will be decided tomorrow.
The planned visit of the Minister of Finance of Cyprus, Michalis Sarris in Moscow was postponed for a while.
Cyprus is seeking an alternative salvation in Russia, despite warnings from Merkel and the likelihood of permanent strain relations with the EU.
Finance Minister Michalis Sarris Moscow wants help and options for rescheduling the loan of 2.5 billion euros, Cyprus received in 2011 from Russia and a new loan of 5 billion or more. It is not ruled out buying a Cyprus bank with Russian capital, and another thing that did not appeal to Europe.
 Although Merkel's ban on Cypriot President to talk with someone goads "Trinity" Nikos Anastasiadis urgent ringing of late after Putin rejected the German proposal.
"Vladimir Putin reiterated its concern about the possible adoption of any measures capable of injuring the interests of Russian companies and individuals," said spokesman Peskov.
Sick ideas depositors in banks in Cyprus to help save the country shaken serious nature of banking and threaten the euro and the Eurozone.
In return for bailout of € 10 billion international creditors demanded from Cyprus to introduce special tax of 6.75% on all bank deposits under € 100,000 and a tax of 9.9% on deposits above this threshold, outraging depositors.
Eurogroup allow Cyprus to alleviate the conditions of tax deposits and depositors with deposits less than 100,000 euros to be protected
but one-time tax increase deposits over € 100,000 from 9.9 to 15%.
In Cyprus, some $ 68 billion, are foreigners, most of them about 35 billion of Russians, assuming the presence of over 18 billion dollars in dirty deposits of the Russian mafia.
Russia's reaction was not late: "The decision by the Cypriot authorities to introduce 10% tax on bank deposits like the confiscation of other people's money, and Russia will be forced to make" adjustments "in its relations with Cyprus, if the country impose a tax on bank deposits , "Russian Prime Minister Dmitry Medvedev.
Russia's Finance Minister Anton Siluanov said the decision of the eurozone to impose a tax on bank deposits in Cyprus was taken without having previously led consulting Moscow.
The participation of Cypriot banks depositors in the restructuring program will save them from "significantly larger losses defaults" does the European Commission said.
 The ECB will provide unlimited liquidity because investors massively tried to withdraw their deposits, and Athens sent emergency in Cyprus € 5 billion.

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