There is no question about it, really. Don’t you think? That is what bankers do. That is their job, one way or another.
Regardless, this article is suggesting that the Russian ‘black money’ deposits were the target.
That is not so much for money laundering, as it is for “wealth taxation”, so this is only the beginning. Stay tuned for a piece on the UN, IMF and The World Bank.
Submitted by Tyler Durden
As has been assiduously explained by members of the European statist oligarchy, the reason for the deposit tax levy, in addition to the broader unsecured debt “bail-in” bailout of Cyprus, was due to the unique funding structure of Cypriot banks, in which the bulk of funding was in the form of deposits (whether Russian or domestic), leaving a tiny €2 billion in the form of junior bonds.
Since the bailout would require realigning the balance sheet to a new, sustainable “fresh start” in which assets were remarked to a realistic value, it would mean impairing liabilities all the way down the capital structure.