Tuesday, March 19, 2013
No Joy in Cyprus
Whatever happens at the Supreme Court's conference on the ACCG test case this Friday, there will be no joy in Cyprus. Cypriot bank depositors are paying for the bad lending practices of its big banks, including the Bank of Cyprus. But serious questions have been raised about fairness. The little guy and the foreigner (mostly rich Russians) have been singled out while connected bondholders, sovereign debt holders and depositors in Greek operations in Cypriot banks have apparently gotten off the hook. Doesn't such cronyism and shady dealings "all for a good cause" sound all too familiar?