Jim Sinclair’s Commentary
Of course the bank broke the depositors.
The Bank That Brought Down Cyprus First broadcast: Thursday 04 April 2013
The entire economy of Cyprus has been brought to its knees with millions of euros of bank deposits wiped out of existence. How did it come to this? The Russians have been blamed for using the island as a tax haven and damaging relations with the EU. But the real problem with the system was much closer to home. Simon Cox finds out from employees and executives at the now defunct Laiki Bank how billions handed out in bad loans created a financial time-bomb that has destroyed a nation’s hopes.
Produced by Lucy Proctor.
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