Have The Russians Already Quietly Withdrawn All Their Cash From Cyprus?

Zero Hedge ^ | 25 March 2013 | tyler durdan

[Lorianne]

Yesterday, we first reported on something very disturbing (at least to Cyprus' citizens): despite the closed banks (which will mostly reopen tomorrow, while the two biggest soon to be liquidated banks Laiki and BoC will be shuttered until Thursday) and the capital controls, the local financial system has been leaking cash. Lots and lots of cash.

Alas, we did not have much granularity or details on who or where these illegal transfers were conducted with. Today, courtesy of a follow up by Reuters, we do.

The result, at least for Europe, is quite scary because let's recall that the primary political purpose of destroying the Cyprus financial system was simply to punish and humiliate Russian billionaire oligarchs who held tens of billions in "unsecured" deposits with the island nation's two biggest banks.

As it turns out, these same oligrachs may have used the one week hiatus period of total chaos in the banking system to transfer the bulk of the cash they had deposited with one of the two main Cypriot banks, in the process making the whole punitive point of collapsing the Cyprus financial system entirely moot.

[Greysard]

Speaking of “- - - Russian billionaire oligarchs - - -, “ just how many Russian billionaire oligarchs does it take to rob a bank, any bank?

That's not the correct question to ask. You better ask how many Russian billionaire oligarchs does it take to rub a banker out. Any banker.

I'm sure that's the reason why when major account holders call the bank the bankers listen very carefully. They have nowhere to run, and the mafia is not practicing forgiveness.

[rawhide]

Is the president of Cyprus under investigation for reports that he tipped off many people that this haircut was coming, and for them to quickly withdraw their money from the Cyprus banks?
I read an article about this.

[SaxxonWoods]

If the money is gone...there can be no bailout and Cyprus is finished.

We will know very soon.

[An.American.Expatriate]

... a corrupt country’s corrupt banking system that enables international corrupt criminal enterprises by helping them launder money from: Human Trafficking, PING! Selling Goods to Global Terrorist organizations, PING! You name it Vladimir Putin’s murderous minions are in it up to their eyeballs.

Bank of America is a Cypriot Bank?

[wiggen]

Just had to be. All the weeks leading up to this was opportunity as well.

[Bon mots]

AND, while we’re at it, since you are too stupid even to read a freaking newspaper, NO BODY lost a penny. They just have to leave their money in the system. There were NO writedowns, but deposits were turned into assets with a longer maturity.

Wow, that is some style of argumentation.
Calling someone stupid? Really.
Would you address Mr. Shadow44 like that, say, over a dinner amongst your families?
I hope not.

Usually, the person who resorts to childish name calling does so when they have lost an argument and have nothing intelligent to say.

If people do not have access to their money, it is lost. The minute those banks open - which is again delayed - for the second week now, there will be a run. Anyone who is not brain dead will get their money out of Cyprus banks.

[cynwoody]

AND, while we’re at it, since you are too stupid even to read a freaking newspaper, NO BODY lost a penny. They just have to leave their money in the system.

Cyprus lost any hope of a financial services industry. LOL! Moronic Eurotwits!

There were NO writedowns, but deposits were turned into assets with a longer maturity.

A deposit with a "longer maturity" is not a deposit. Epic fail!

[Palio di Siena]

Late last week, Cypriot officials met with the Russians reportedly to conduct
talks of a Russian bailout using Cypriot natural gas reserves as collateral.
The meetings were widely reported and took two or three days and ended with the Russians not offering any assistance.
Those meetings, I belive, were really for the purpose of facilitating the transfer of Russian funds away from Cypriot banks.
I find it hard to believe that the Russians would let their money be trapped by idiots like Merkel and LaGarde. As a matter of fact, I believe the ECB
New World Order illuminati bankers know full well what went down, even participating in the ruse in fear of the Russians.

[ImJustAnotherOkie]

For part II. Is it a coincidence about Putin’s nemisis dying the other day. Was he going to screw the pooch?

[Chode]

ahhh... now i get it

[Caipirabob]

Have The Russians Already Quietly Withdrawn All Their Cash From Cyprus?

Theft is theft. If the banks short any depositor, they are thieves, and should be subject to retaliation for said theft.

[JimRed]

If a message from a Russian Oligarch to a Cypriot bank manager suggests the possibility of an “accident” befalling said manager, accommodations might be made...

[Sender]

I was thinking the same thing. A Russian with a lot of money can send over the leg breakers. Of course, Mr Oligarch sir, we would be happy to make special arrangements for our more homicidal customers.