Do you remember, before they went under, how Icelandic banks were suddenly the flavour of the month, paying the highest interest rates? I was told at the time (2007) by someone in the City to avoid, as they were propped up by dodgy Russian money. A lot of that money headed for the sun to Cyprus, both north and south and much of it is still there in both banks and various property developments, built and unbuilt. Why have a bank account in Cyprus? According to their website, anyone, of any nationality can have one in any currency, ‘the main requirement is that they are 18 years of age’. And they boast a ‘high level of confidentiality. Banking secrecy in Cyprus is protected by law…’ No wonder they’re worried.
“Banks fined €1bn by EU for currency rigging”
Bank deregulation was another great, '80's idea, as a result of which many a pigeon is still coming home to roost. Your friendly, high street retail bank (now a wine bar or pizza joint) was suddenly able to become a merchant bank/stockbroker/forex trader/financial...
