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As Banks in Cyprus Falter, Other Tax Havens Step In
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Cyprus a small country of 860,000 people turned to a role as a offshore tax haven after the Turkish takeover of the northern part of the island in 1974. Before this the country was mainly agricultural, and depended on potato farming. To get some idea of what this means consider that the corporate registry in Cyprus has 320,000 registered companies, mostly shell companies setup for foreign companies and rich individuals looking to escape taxes. And a whole sector of professionals of accountants, lawyers and others has developed to service this.
Capital inflows of hot money, the lack of capital controls and the financial crisis in Cyprus
09/21/2011
Capital inflows into Cyprus accelerated after it appeared that Ireland's banking system had serious problems. This happened through demand deposits that could be withdrawn quickly. The problem of volatile capital flows is similiar to that faced by Asian countries in the 1997 Asian banking crisis when capital outflows came at the worst possible time for the banks.
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The views of the IMF, ECB and the governments of Germany, Netherlands, Baltics, on the bailout in Cyprus
03/25/2013
The IMF pushed for investors to share the cost of a bailout in Cyprus. The Netherlands finance minister who heads the EU finance ministers group pushed strongly for this. The president of Estonia was quite vocal about the fact that Russian oligarchs were using Cyprus as a tax haven. He said the EU could not agree to "money laundering."
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Wall Street Journal 03/28/2013
Russia's banking connection with Cyprus
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Grouped Articles
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Wall Street Journal 03/19/2013
Is Bitter Medicine for Cyprus a Cure for the Euro Zone?
Wall Street Journal 03/18/2013
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Grouped Articles
Cyprus Heads Toward Exit, Leaving Greece as Last Bailout Member
Wall Street Journal 03/04/2016
Wall Street Journal 03/25/2013
No Matter Outcome, Cyprus Crisis Is Blow to Business
New York Times 03/24/2013
Wall Street Journal 03/26/2013
In Cyprus, Big Losses Expected on Deposits
New York Times 03/26/2013
Cyprus Capital Controls Come Years After They Were Needed
New York Times 03/28/2013
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