Cyprus deposit grab is fiscal Magnitsky bill for Russia

Monday 18th March, 2013

The decision by the Cypriot government to grab up to 9.9% of deposits in its banking system is the financial equivalent of the Magnitsky bill as far as the Kremlin is concerned. “The decision is unfair, unprofessional and dangerous,” Russian President Vladimir Putin said of the deal struck between the German-dominated EU finance ministers meeting and Cyprus over the weekend in Berlin.The deal has been widely condemned by commentators, as it undermines the very foundations of the European banking system. All European deposits are supposed to be protected by a deposit insurance scheme tha…

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