From Russia with love, to Cyprus with cash

Bullough, Oliver
March 2013
New Statesman;3/22/2018, Vol. 142 Issue 5150, p15
The article looks at the Cypriot financial crisis, as of March 2013. It notes that Cyprus has served as a tax haven for wealthy Russians, with Russian deposits representing a significant portion of Cyprus banks' holdings. The author says the threat of a tax on deposits, proposed as part of Cyprus's financial bailout, even if not enacted, is likely to lead Russians to transfer their money out of the country, likely resulting in bank collapses.


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