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Banco Santander, S.A. Message Board

  • isaac_dj isaac_dj Mar 18, 2013 5:39 PM Flag


    And most likely, only the most gullible investors would.

    The main reason is that "Cyprus's banking sector, which attracts money from Russians, dwarfs the size of its economy." (see Article below). The banking sector is substantially larger than Cyprus's economy because the banks of Cyprus, which is a small island with a small economy and only about a million inhabitants, are a haven for depositors from Russia and other former eastern-block countries (e.g., Serbia).

    Thus, the proposed tax on bank accounts of more than 100,000 euros cans easily cause foreign and domestic depositors to pull their money out of Cyprus banks and transfer the funds to other countries (e.g. Bahamas). Such a reaction could easily destroy Cyprus's banking sector and irreparably damage the economy there.

    That's why Cyprus's 56-member parliament cannot afford to approve such a measure, which amounts to a sheer financial suicide for the small island. No one, in his/her right mind, would believe that such a measure can pass.

    Search for the title of "Cyprus reworks divisive bank tax, delays vote" to find the article from which the quoted info was obtained.

    Sentiment: Strong Buy

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