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Wealthy Russians take a 10% cut on their deposits. Cyprus is a tax haven. Or the government has to bail out the banks via debt. Only the US can do that since
by amalag 14y ago
Wealthy Russians take a 10% cut on their deposits. Cyprus is a tax haven. Or the government has to bail out the banks via debt. Only the US can do that since the world buys oil in dollars and if we devalue our currency we can spread the pain. Cyprus cannot make decisions about their currency unilaterally.
- hristov 14y agoLets call a spade a spade -- they cannot make decisions about their currency because they are using the euro and thus do not really have control over their currency.
- deleted 14y ago[deleted]