C4 News Economics Editor Faisal Islam tweets an interesting anecdote about the unfolding Cyprus situation:
C4News travel agent: “every flight I can see from Moscow to Cyprus is full, apart from two seats”. Unusual, as its not holiday season.
— Faisal Islam (@faisalislam) March 19, 2013
We’re not sure exactly what this means, but there are a lot of worries that due to a controversial aspect of the Cyprus bank bailout – a haircut on depositors – moneyed Russian interests using the Cypriot banking system as an offshore tax haven will look to move their funds elsewhere as soon as they get the chance.
We’ve already seen Cypriots lining up at ATMs, trying to withdraw whatever cash they can.
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