Russia PM May Rethink Euro in FX Reserves Given Cyprus Situation

Fox Business
Thursday 21st March, 2013

Russia may reconsider the euro in the structure of its gold and forex reserves in light of the situation with the Cyprus banking sector, Interfax news agency cites Russian Prime Minister Dmitry Medvedev as saying Thursday.The Cypriot parliament Tuesday rejected a controversial levy on bank deposits that was a key part to a proposed 10 billion euro ($12.9 billion) euro-zone rescue package for the country.Mr. Medvedev said the practice of “confiscating deposits” may potentially be implemented in other countries with ailing economies, such as Spain or Italy, which makes Russia rethink its attitud…

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