Hurriyet Daily News published an article by Yusuf Kanli devoted to the Cypriot financial crisis. "Irrespective of the outcome of yesterday evening’s vote, however, even Greek Cypriot central bankers were cautioning that the bailout problem would not be over as with the revised levy it would be impossible for the Anastasiades government to collect the targeted 5.8 billion euros, a key component of the 10 billion-euro bailout plan," the article reads.
"Furthermore most of the 100,000-euro-or-more accounts at Greek Cypriot banks belong to “Russian investors” – or businessmen or politicians using Cyprus to launder their money. Indeed, was it not because of the estimated $19 billion or more Russian deposits in Greek Cypriot banks that Tsar Vladimir Putin has been after acquiring Laiki Bank for some time? Was it not because of such intimate affairs between Greek Cypriots and Russians that news of the Cyprus bailout plan and the “stability levy” created more nervousness in Russian stocks than elsewhere, including Cyprus?" the author writes.
"Last but definitely not least, it is indeed difficult to understand why the European leaders have singled out the tiny Cyprus republic for this “Brave New World” of bailouts. Is it because of its reputation for money laundering, much of it Russian money?" he writes
"Whatever might be the result of last evening’s vote at the Greek Cypriot House of Representatives, the bailout problem is far from being resolved and perhaps EU envoys should keep their luggage prepared for the worst scenario," Kanli concludes.
