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> Because the majority of the funds (I am generalizing) belongs/belonged to Russians who took advantage of the people on the conversion out of communism (dirty
by lazyjones 14y ago
> Because the majority of the funds (I am generalizing) belongs/belonged to Russians who took advantage of the people on the conversion out of communism (dirty money).
You are not generalizing, you are just making this up. Only about 20% of the deposits in Cyprus belong to Russians.
> Greek's insolvency impacted Cyprus greatly, because a large portion of the Cyprus population are of Greek descent.
Nope. It impacted Cyprus because it participated in the Greece bailout and lost 4.5 bil to the haircut that followed.
- argonaut 14y ago> You are not generalizing, you are just making this up. Calm down. Firstly, one number states that 30% of deposits are foreign owned [1]. Secondly, the accurate description of Shenglong's error would be "exaggerating." > Nope. It impacted Cyprus because it participated in the Greece bailout and lost 4.5 bil to the haircut that followed. You just attacked a straw man by quoting Shenglong out of context. [1]http://www.nytimes.com/2013/03/27/business/global/bailout-grows-riskier-as-cypriot-economy-stumbles.html http://www.nytimes.com/2013/03/27/business/global/bailout-gr...
- icebraining 14y agoForeign and Russian are a little different concepts.
- argonaut 14y agoNow that's just semantics. Give me a citation if you want to refute me.
- icebraining 14y agoAbout 37% of deposits are owned by foreigners, according to Barclays, and nearly 60% of that belongs to Russians, numbers compiled by Danske Bank (...) indicate. So, nearly 60% of 37% is about 22%, not 30%. http://www.forbes.com/sites/afontevecchia/2013/03/18/eu-takes-shot-at-moscow-with-cyprian-haircut-as-russians-own-22-of-deposits/ http://www.forbes.com/sites/afontevecchia/2013/03/18/eu-take...