Cyprus Financial Crisis the Conspiracy Theory




31 March 2013

Most commentators agree that the Greek Republic of Cyrus has been unfairly treated by the troika of the European Commission, the European Central Bank and the International Monetary fund. The requirement for a national government to impose a levy on deposits was a surprising and deeply disturbing innovation. The pain for the government of the Greek Republic of Cyprus was lessened by their decision to penalise deposits in excess of 100,000 euros.

This meant that most small depositors, that is, the majority of the electorate, would not suffer losses. Those depositors with funds in excess of 100,000 face a most uncertain future. Their accounts are frozen and they are likely to incur losses of up to 50%. Many of these depositors are Russians and they have made a major contribution to the economy of South Cyprus in recent years.



North Cyprus Senator
The Senator's Villa in North Cyprus

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The conspiracy theory runs as follows

1.   The EU has been frustrated and angry with the Greek Republic of Cyprus since 1974. The EU was led to believe that both North and South Cyprus would agree to the terms of the Annan Plan and that the island would be re-united. Referenda took place in both parts of Cyprus. Voters in North Cyprus were in favour of reunification by a large majority, but voters in the South rejected the Annan plan. In the South, the government, church and most of the media publicly criticised the Annan plan and promoted its rejection. This was badly received in Brussels.



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