Recent events in Cyprus have turned into a widespread public protest as politicians decide how to save the small island nations banking system. People have truned to the streets and have engaged in general strikes to protest this new and rather scary form of austerity. The measures have frozen anyone from withdrawing more than €100 per day, and will result in the freezing of any deposits greater than €130,000. The nations banks are in trouble, and seeking a €13billion bailout from the EU, in turn they will need to seize a percentage of all the money deposited in the banks so that they are able to secure the bailout immediately.
more news on the topic and specifically as it relates to bitcoin finances here : hongpong.com
A People’s Revolt in Cyprus: Richard Wolff on Protests Against EU Plan to Seize Bank Savings
Another report on the topic from – rt.com
Moscow hopes Cyprus won’t need its help
Russia’s Prime Minister Dmitry Medvedev said Moscow needs to study the consequences of the Cyprus bailout deal agreed in Brussels, especially for Russia. Meanwhile Vladimir Putin ordered to restructure the € 2.5 billion Cyprus loan issued in 2011.
“We have to figure out what this story turns into in the long run, what the consequences for the international financial and monetary system will be – and thus, for our own interests as well,” Medvedev said in Russia’s first official reaction to the deal agreed over the weekend.
As the EU 10 billion bailout loan has been secured, First Deputy Prime Minister Igor Shuvalov, a close ally of President Vladimir Putin, said “the situation looks like no further help [for Cyprus] from the Russian government will be required.”
He added that Moscow will reconsider extending the loan to Cyprus due to be repaid by 2016, after studying the full details of the Brussels package.
On Monday spokesperson Dmitry Peskov said President Putin instructed “the government and the Russian ministry of finance to work with their partners on the issue of restructuring the loan previously issued to Cyprus.” Read the rest of this entry →