Quote:
Originally Posted by chemgear
Forget Greece (or Spain, or Italy) - here comes Cyprus. Looks like Russia will get some offshore gas rights for cheap:
http://business.financialpost.com/20...eltdown-looms/
Cyprus’s finance minister pleaded with Russia for help on Wednesday to avert a financial meltdown after the island’s parliament rejected the terms of a European bailout, raising the spectre of a looming default and bank crash.
The country’s banks remained closed through to Thursday, and officials now say the closure could be extended until Tuesday. |
Cyprus itself is unimportant.
The fact someone thought it was a good idea to make bank depositors - versus shareholders - responsible for bank losses is what is important as it could create runs on unrelated banks. It's the principle of the thing that's important.
Cowperson