Russia: Cyprus deal is theft, Kremlin may freeze German assets

H/T Fjordman

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By Katerina Nikolas
Mar 25, 2013 – yesterday in Business

Russian Prime Minister Dmitry Medvedev has reacted to the Cypriot bailout deal by labelling it as theft. The Kremlin is considering freezing German assets in Russia in retaliation for Russian losses in Cyprus banks.

“The stealing of what has already been stolen continues,” is how Medvedev described the Cyprus bailout deal which imposes a sweeping haircut of around 30 percent on bank deposits in excess of €100,000 in two major banks. Nevertheless Russian President Vladimir Putin is willing to support efforts aimed at overcoming the Cypriot crisis.

According to the Telegraph the Kremlin is considering freezing German assets in Russia as payback for the bailout deal.

Germany has put pressure on Nicosia throughout the last week, insisting on terms which will effectively end the importance of the Cyprus banking sector.

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6 Replies to “Russia: Cyprus deal is theft, Kremlin may freeze German assets”

  1. What Richard said! (And I am German!)
    The precedent that this creates should make anyone worried who has a bank account – especially in countries where the left is in power eg Australia. Our government spends like drunken sailors (borrowed money) and our prime minister is an unreconstructed left-socialst.

  2. Churchill said that the big problem for socialist is that eventually they will run out of other peoples money to spend. They are running out and this will spread to all nations that have a leftist government, which I think is all of Western Europe and the US and Australia as well as Canada.

  3. Sooner or later all of this ‘fuzzy math’ and dubious accounting practices will reveal that a nation can neither spend or borrow it’s way into prosperity, Sound banking and financial practices often ignored in a haste to benefit a few IMHO creates a ‘house of cards’. This is not a laughing matter the US economy regardless of the misinformation and propaganda issued by the regime is in fact very fragile. It is quite possible that other governments will confiscate pension funds and savings that folks that have labored and toiled for their retirement.

  4. Frank I can’t give you the urls but I have heard that Obama is talking about nationalizing all private pension plans and 401ks, to stave off disaster for a while.

    When I was in the VA emergency room Saturday for an infection in a scratch we were talking and one of the men there refused to even look at any evidence that the US economy will collapse, his attitude was don’t mention the problem and it will go away. Way too many people are taking the same attitude and are going to scream for more big government once the collapse occurs.

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