Eurothug finance ministers are now responsible for the coming destruction of thousands of Cyprus businesses who can’t get their money out of the banks to make payroll and meet expenses. These businesses will fail, unemployment will soar, their economy is toast. Small and medium sized businesses in Cyprus were not responsible for what happened but are being destroyed so that more billions will be pumped into the maw of a degenerate and corrupt financial system.
The most of circulating assets on our business Current Account are blocked.
Over 700k of expropriated money will be used to repay country’s debt. Probably we will get back about 20% of this amount in 6-7 years.
I’m not Russian oligarch, but just European medium size IT business. Thousands of other companies around Cyprus have the same situation.
The business is definitely ruined, all Cypriot workers to be fired.
We are moving to small Caribbean country where authorities have more respect to people’s assets. Also we are thinking about using Bitcoin to pay wages and for payments between our partners.
The problem is a international finance system that has become completely corrupt. Moving to the Caribbean or using Bitcoin won’t help. The Bible says money belongs to Caesar but Caesar is now a thief and mafioso.
If the locals thought the deposit haircut is the worst of it, just wait until the full brunt of what a -20% depressionary collapse in the economy hits them head on.
To repeat, the theft of depositor money in Cyprus bank accounts is now 80%.
Anyone who believes this could never happen in the US should consider that John Corzine stole over $1 billion worth of client funds during MF Global’s collapse in the US. Corzine is not in jail and in fact remains one of the most connected financial elites in the US. Indeed, NO ONE went to jail for MF Global’s theft.