Why Cyprus Freaks Russians Out

bank deposits , the across the board tax on bank accounts to finance a bailout of the country’s economy, Russian President Vladimir Putin came out blasting the move as ‘;unfair, unprofessional and dangerous.’; Putin and others in Russia are panicking in large part because Russians have parked a massive amount of money in Cyprus, including money some believe was obtained through less than legal means.  Russians and Russian financial institutions that have deposited or invested money in Cyprus stand to lose a lot if depositors are asked to cover any bailout, or if the island’s …

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