As most people are now aware in the nation of Cyprus a system of forced confiscation from bank depositors was announced and refined over the past two weeks.    Any amount held in a Cyprotic bank over  €100,000 is now being forcibly “haircut” by 40%.   Meaning 40% of the holdings in any bank account are being taken by the government.   However, word now leaking that prior to the announcement – the President Of Cyprus removed dozens of millions from bank accounts and transferred to London, England.

Do they have Tar and Feathers in Europe?

(Via ZeroHedge)  A day after former Cypriot President Vassilou was found to be among many elite Cypriot (politicians and businessmen) who had loans written-off by the major (now insolvent) banks; it appears the rot is far fouler than expected.

In a somewhat stunning (or purely coincidental) revelation, ENETEnglish reports that Cypriot newspaper Haravgi claims that current President Nicos Anastasiades’ family businesses transferred ‘dozens of millions’ from their Laiki Bank accounts to London just a week before the devastating depositor haircuts were unleashed upon his people.

Of course, the denials are loud and Anastasiades has demanded an investigation into the claims; we are sure the government-selected ‘independent’ committee will be as thorough as the Libor anti-trust investigators.  (continue reading)