How Much Money Does Anastasiades Still Hold At Cypriot Banks?

Published by Filipe R. Costa on Wed, 20/03/2013 - 16:45 in
Cyprus bailout

Daily Market Commentary for March 20: That’s the million dollar question I can’t get rid off in my mind. Over the last few days I have been thinking about it and I wonder how much money does the Cypriot President still hold in his bank account(s).

If Anastasiades moves any money before anyone it is like illegal trading. He would be using non-public information for his own benefit without giving a chance to others to act at the same time on the same information. So, it would be interesting to look at the bank accounts of all politicians from Cyprus that have been negotiating the recent deposit tax with the troika. If they had recently moved large amounts in an unusual way, then it would mean they want to impose people what they don’t think is fair for themselves and should be judged and punished for it.

Apart from the million dollar question, we still have Cyprus dominating the news. And then it comes the second question in my mind. Without any solution to the recent deposit tax, what do politicians plan to do tomorrow when banks open again? One thing is sure as hell: if banks open and people have a chance to withdraw money; the whole Cypriot financial system would be insolvent by lunchtime.

The precedent opened by Merkel & Friends will have severe consequences and I really still don’t know how they will solve this. Would you keep your money at the bank in Cyprus after this? I’m sure you won’t, neither would I.

So let’s wait for the next developments and put our money in gold. It seems the precious metal will shine again over the next few weeks.