The author calls it “Irony corner”

by on March 16, 2013 at 7:49 am in Current Affairs, Law | Permalink

…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.”

1 Brian Moore March 16, 2013 at 10:13 am

How is this not just the plot to Ocean’s Fourteen?

2 KLO March 16, 2013 at 11:28 am

Latvia has long been a destination of choice for Russian deposits of dubious origin. This has nothing to do with Cyprus and everything to do with weak banking regulations, proximity to Russia, a large Russian community, deferential regulators and corrupt politicians.

Latvia’s banking sector is far from safe, however, as two of its largest banks — both with strong ties to Russia — have collapsed under suspicious circumstances.

3 prior_approval March 16, 2013 at 12:15 pm

Don’t introduce facts into these discussions. Otherwise, the narrative won’t flow as intended.

4 TMC March 16, 2013 at 12:19 pm

No Wikipedia? Shoot.

5 Mark Thorson March 16, 2013 at 1:23 pm

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