Cyprus-Forum.com

[GreekIslandGirl]

I hate arguments, here is what you posted:" ike the nazis who are part of Cyprus' destruction are doing. "
We are all entitled to freely express views

There you go - it was you who called the Germans nazis. Those who I said destroyed Cyprus were the nazi bankers - who are made up of more than just Germans. If you read the article the OP offered, you will be able to put that in the context of the diktat Cyprus was forced to accept. Now do you see why you have to support your boastful opinions with the actual evidence we have been asking you for?

[Tim Drayton]

http://en.wikipedia.org/wiki/Russian_oligarchs

A significant number of Russian oligarchs have bought homes in upscale sections of London, United Kingdom, which has been dubbed "Moscow on Thames". Some, like Boris Berezovsky, Konstantin Kagalovsky and Abram Reznikov, are expatriates, having left Russia permanently. Most own homes in both countries as well as property and have acquired controlling interests in major European companies. They commute on a regular basis between EU and Russia; in many cases their families reside in London, with their children attending school there. In 2007, Abram Reznikov bought one of Spain's mega recycling companies, Alamak Espana Trade SL, while Roman Abramovich, considered the wealthiest of the oligarchs, bought the English football club, Chelsea F.C., in 2003, and has spent record amounts on players' salaries.

So, a large number of Russian oligarchs live in London, some having settled there permanently and others coming to and from from Russia. Do none of these people have UK bank accounts? Is all of the money that they have there clean? Of course they do, and of course it isn't. So how come it is OK for the UK to handle these people's dubious money?

Incidentally, although the monopolistic Axel Springer media group has portrayed the Cypriot economy as being little more than a system for laundering Russian oligarch's money, I know of no Russian oligarch that lives in Cyprus. Perhaps somebody would correct me if I am wrong.

[Paphitis]

I think that while there is a Greek connection, i.e. the Greek haircut on Greek Government bonds, and some Greek Corporate non-performing loans, one should NOT over-play it: there is no doubt a lot of Cyprus non-performing debt:

How much for example is outstanding by way of loans to buy shares in the Cyprus Stock exchange bubble of the late 1990's? How much is owed by developers, secured on property which has been sold to innocent buyers? How many more "Orphanides" are lurking in the back-ground?

If it was not for the Greek Haircut, Cyprus would be OK even if there were some bad loans to Developers on the home front.

Banks make bad loans all the time, even in other countries, and write them off as losses. But that Greek Haircut cost Cyprus the equivalent of 50% of its GDP and that is enough to bring ANY contry to its knees. Even the US would be reeling at such a calamity!

[Get Real!]

Russian "Mafia" money laundering has been happening for years now.

I think if anyone wants to look at a true money laundering bank I’d look no further than the world’s biggest… the Deutsche Bank!

You don’t get THAT big with home loans and granny pensions!

[Paphitis]

Greek Bonds exposure was 22 Billion. A 50% haircut translates to 11 Billion worth of losses to Cypriot Banks - of which Cyprus needed to raise 6 Billion for the Banks to bring about cash parity so that Guaranteed Deposits can be honoured. Well Cyprus is now asking for another 7 Billion on top.

11 Billion in losses = almost 50% of Cyprus' GDP

US GDP is 15 Trillion. A equivalent haircut inflicted on the US would be about 7.5 Trillion = Good night USA and a global depression that has never been seen before. LIGHTS OUT USA! LIGHTS OUT WORLD!

43 Billion is unheard of though. I think this figure is OTT.

[supporttheunderdog]

Greek Bonds exposure was 22 Billion. A 50% haircut translates to 11 Billion worth of losses to Cypriot Banks - of which Cyprus needed to raise 6 Billion for the Banks to bring about cash parity so that Guaranteed Deposits can be honoured. Well Cyprus is now asking for another 7 Billion on top.

11 Billion in losses = almost 50% of Cyprus' GDP

US GDP is 15 Trillion. A equivalent haircut inflicted on the US would be about 7.5 Trillion = Good night USA and a global depression that has never been seen before. LIGHTS OUT USA! LIGHTS OUT WORLD!

43 Billion is unheard of though. I think this figure is OTT.

Hi Paphitis

where does the information about 22 Billion exposure come from? I saw figures of 4.5 Billion or so, so the haircut should have been 3.6 Billion or so. There is a lot of misnformation around and I'll amend my thoughts about the figures involved if the sources are reasonably credible.

[Paphitis]

Greek Bonds exposure was 22 Billion. A 50% haircut translates to 11 Billion worth of losses to Cypriot Banks - of which Cyprus needed to raise 6 Billion for the Banks to bring about cash parity so that Guaranteed Deposits can be honoured. Well Cyprus is now asking for another 7 Billion on top.

11 Billion in losses = almost 50% of Cyprus' GDP

US GDP is 15 Trillion. A equivalent haircut inflicted on the US would be about 7.5 Trillion = Good night USA and a global depression that has never been seen before. LIGHTS OUT USA! LIGHTS OUT WORLD!

43 Billion is unheard of though. I think this figure is OTT.

Hi Paphitis

where does the information about 22 Billion exposure come from? I saw figures of 4.5 Billion or so, so the haircut should have been 3.6 Billion or so. There is a lot of misnformation around and I'll amend my thoughts about the figures involved if the sources are reasonably credible.

That's all I got:

Compared with a nominal GDP of €19.5bn ($24bn)[13] the banks had amassed €22 billion of Greek private sector debt with bank deposits $120bn, including $60bn from Russia business corporations.

Which I guess is a combination of private debt and Greek Bonds.

I am trying to find exactly how much the Greek Haircut cost Cyprus.

3.6 Billion is equivanet to about 3 Trillion in the USA.