Why did Cyprus have to make a grab for depositor cash to rescue its banks?
In part because there just wasn’t anymoney left anyhwere.
The banks don’t have much debt, and the island’s equity has been wiped out.
The Cypress Stock Exchange (whose components include banks, hotels, utilities, and retailers) is off about 98% in the last 5 years. Just a total complete wipeout.
Big hat tip to Alex Tarhini at All-Star Charts for pointing this out.
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