Monday, March 18, 2013
As predicted on this blog yesterday the Russians will defiantly have something to say about this Cyprus bank theft.
(Reuters) - Russian President Vladimir Putin criticized on Monday a levy imposed by the European Union on bank deposits in Cyprus as unfair and setting a dangerous precedent.
"While assessing the proposed additional levy on bank accounts in Cyprus, Putin said that such a decision, should it be made, would be unfair, unprofessional and dangerous," Kremlin spokesman Dmitry Peskov told journalists.
Russian citizens account for the majority of the billions of euros held in Cypriot banks by foreign depositors, and Russian banks are heavily exposed to the island as a favored offshore centre for big business.
If you think Hitler is angry imagine how pissed Putin and his old FSB buddies are right now.
Satyajit Das, Sydney based veteran financial consultant discusses the Cypriot banking crisis and the imposition of extraordinary levies on deposit holders. Das is interviewed on the Australian Broadcasting Corporation's (ABC ~ think BBC with an Aussie accent) nightly radio current affairs show "PM". The discussion of Cyprus starts about a third of the way into the show. Listen / download here
Morning all, as expected Gold and Silver have gaped higher on the open of the New York Globex market. It seems the smart players have regained some trust in real money vs. pretend money held in bank accounts that can be stolen by politicians when things get a little tight. It will be interesting to see how trading goes today particularly latter in London and overnight on the New York Comex.
Charts from goldprice.org