…the destination of choice for Russian money looking to escape into an EU jurisdiction is now apparently Latvia
There is much more, which is an excellent overall survey of the Cyprus situation. Here two additional sentences of interest:
If the infliction of losses on small depositors has a purpose, it’s probably to reassure the Russians that they are not being discriminated against. Yes, I may have thrown up a little in my mouth typing that.
There is, by the way, a local bank holiday Monday, although on Twitter I already am seeing reports of queues forming in front of banks in Cyprus and the “drying up” of ATMs.
File under: “No longer too small to fail.”