“Cyprus’s plans to tax uninsured deposits amounts to theft, Russian Prime Minister Dmitry Medvedev said after the nation bowed to demands from creditors to shrink its banking system in exchange for a bailout.
“They’re continuing, I think, to plunder the loot,” Medvedev said at a meeting outside Moscow today. Russia is assessing the implications of a deal announced today, he said.
Russia turned away Cypriot Finance Minister Michael Sarris last week after failing to agree on concessions to ease terms of a 2.5 billion-euro ($3.3 billion) loan or provide new assistance. The country’s president, Nicos Anastasiades, agreed to shutter the island nation’s second-biggest bank as part of a 10 billion euro aid package from Europe…”
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