The Rumour Mill

Posted by Nogger - a legend in his own mind at 13:43 | Categorized as

27/03/13 -- Heard via Twitter yesterday that whilst Cypriot citizens have been queueing up at the ATM's to withdraw the meagre EUR100/day that they are allowed to have that there may have been some slightly larger withdrawals going on behind the scenes.

Reuters report that the two banks at the centre of the crisis - Cyprus Popular Bank, also known as Laiki, and Bank of Cyprus - both have branches in London which have remained open during this crisis. Crucially neither have apparently stopped or placed limits on money withdrawals during this time.

"Bank of Cyprus also owns 80 percent of Russia's Uniastrum Bank, which put no restrictions on withdrawals in Russia," Reuters add.

The suggestion on Twitter has been that much more of the large depositors cash may have been quietly syphoned off whist this whole sorry saga has been going on via one of these loopholes than is commonly realised.