Posted by: youngragingbull | April 1, 2013

Russia won’t protect citizens’ Cyprus losses: Official

A senior Russian cabinet member said in a televised statement Monday that his government won’t intervene in the Cyprus banking crisis to save Russian depositors, but may offer assistance to some state companies.

First Deputy Prime Minister Igor Shuvalov said that it would be a “great pity” if Russians lose their money in Cyprus, but added that the cabinet won’t take any action to soften the blow.

He added, however, that while his government sees no reason for offering any assistance to Cyprus, it may take unspecified action to help reduce the damage for Russian state companies.

Big depositors at Cyprus’s largest bank, including some Russians, may be forced to accept losses of up to 60%, far more than initially estimated under the European rescue package to save the country from bankruptcy.

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