Tuesday, 2 April 2013

Cyprus finance minister resigns after bailout concludes: investigation starts

This is the title of Reuter's report on Michael Sarris, a lead player in talks with International Monetary Fund and European Union lenders, said he had completed his task but also that he was likely to come under scrutiny in an investigation into the crisis. He must be hugely unpopular in Cyprus and proably fears for his safety. He orchestrated the loss of 60% of bank deposits over 100000€ much of which must have been owned by the Russian mafia, bad people to cross.

He tried to sell Cyprus gas exploration rights in Moscow to Gazprom, Putin's gas company, but was rejected. I expect he will try and go to ground in some 'safe' country. He may not succeed.

Cyprus President Nicos Anastasiades, in the job for a little over a month, appointed judges on Tuesday to investigate possible political and regulatory failures in the island's economic demise, as well as the role of banks. I doubt if anyone will be held accountable.

A company, Popular,  has been reported as making the following transactions in the run up to the crisis.  A list of business which had moved money out of Popular in the run up to the bailout deal included a company in Limassol, whose owners are related to Anastasiades by marriage.

The list, produced in the Communist party newspaper Haravghi on Sunday and reproduced by other media, said the company, A. Loutsios and Sons, had moved some 21 million euros (17.8 million pounds) out of the bank.

The company said it had moved 10.5 million euros to Barclays Bank Plc in Britain, and the remaining amount to Bank of Cyprus in order to complete real estate transactions.
That's the way the money goes!


The Reporter said...

It's always the same, those in government, local authority do the same thing, the saying is "Keep Your Head Down" Going to ground is just a longer term solution of escape.he will no doubt not make a comeback, as the keep your down types do.

The Journalist said...

I wonder we we will all end up when
all the money has been stolen and
embezzled by the statist,will a
science fiction type end of the world senerio emerge with complete
breakdown of law both inside and
outside of the state, that appears
to be what's unfolding, what are
flapjacks in the EU going to do then, they have been quite over the
last few weeks that's for sure, have they run out of laws to think
up perhaps, stangled themselves into the silence of their own red tape.

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