The Phaserl


Putin: Russia may profit from Cyprus crisis

Russian President Vladimir Putin has said the banking crisis in Cyprus showed up what he said was the unreliability of Western financial institutions, saying it would encourage Russian depositors to invest at home.

by Rachel Cooper, The Telegraph:

“The more you ‘pinch’ foreign depositors in the financial institutions of your countries the better for us,” Putin said in an interview ahead of his trips to Germany and the Netherlands on Sunday and Monday.

“Because all the affected, offended and frightened (not all but many) should – we hope – come to our financial institutions. And they will keep their money in our banks,” Putin told Germany’s ARD television.

The Cyprus banking crisis is expected to hit hard Russians who are believed to have more than $30 billion in corporate and private deposits parked on the debt-hit island.

Asked by his German interviewer whether he was offended that the European states had not consulted him on the bailout proposals, Putin replied:

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