Good news! The Russian Oligarchs didn't take a haircut in Cyprus after all. So who did? Just, you know, hardworking Cypriots. Tyler Durden explains:
First, however, much more pain, because as Cyprus' FinMin Sarris said a short while ago, uninsured depositors in the second largest bank Laiki which is now pending lqiuidation, may lose 80% (read 100%... or more), and wait up to seven years for a payout. Of course, with the majority of the "evil, tax-evading Russians" long gone having used the chaos and assorted loopholes in the past week to get out of Dodge, the only people punished are assorted local hard workers, and domestic businesses, now set to liquidate as soon as they can afford the bankruptcy filing fee.
The looters rigged the system so that dangerous men with billions of dollars could get away scot-free, then picked what was left of Cyprus dry.
It took all of two weeks.
This is the most frightening precedent I've seen set since 9/11/2001.