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Wednesday 18.10.2017 | Name days: Rolanda, Rolands, Ronalds, Erlends
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ECB warns Latvia not to accept Russian money coming from Cyprus

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In order to warn authorities not to accept the Russian money that is leaving Cyprus, officials of the European Central bank have contacted Latvia, which has received a large portion of Russian money, according to well informed sources.

“Our Latvian friends were told clearly – if you want to join the Eurozone, you should not offer sanctuary to the Russian money that is currently leaving Cyprus,” – as a banker of a European country’s central bank said.

Analysts report that money has been leaving Cyprus’ closed banks at an alarming rate while the country’s President Nicos Anastasiades was delaying the approval of the bail program. Cash money that was withdrawn from ATMs and emergency transfers left Cyprus before and after legislators surprised Europe and declined the initiative to adopt taxes on deposits.

No one knows the exact amount of money that has already left the banks of Cyprus and where this money has gone to. Banks affected by the crisis – Laiki Bank and Bank of Cyprus – have branches in London that continued to function throughout the whole of last week with no limits to the amount of money allowed to be withdrawn from ATMs. Bank of Cyprus also owns 80% of shares of the Russian Uniastrum Bank, which has not adopted any restrictions on money withdrawal in Russia.

While regular Cyprus residents line up at ATMs to withdraw a few hundred EUR, other depositors use other approaches to access their money. Companies that are forced to follow capital requirements in order to avoid insolvency are allowed to access their money. They are also allowed to trade products of humanitarian aid, medicine and aviation fuel.

As it is known, Eurozone finance ministers have agreed a deal on a 10bn-euro bailout for Cyprus to prevent its banking system collapsing and Eurozone exit.

The country’s second-biggest Laiki Bank will be shut down and holders of deposits of more than 100,000 euros will face big losses.

However, all deposits under 100,000 euros will be “fully guaranteed”. Laiki will be split into “good” and “bad” banks, with its good assets eventually merged into Bank of Cyprus. The percentage to be levied on large deposits in the Bank of Cyprus will be resolved in the coming weeks, BBC reported.

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  1. Simon Jester says:

    Why would any country want to join the EU at this point? They either have to be fools, politicians getting kickbacks or are being threatened. The EU was a disaster from the start, destined to fail.

    Thumb up 0 Thumb down 0

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