Eurozone Bail-in
After the initial shock of the Cyprus banking crisis left Russian Cypriots feeling victimized. However, Russians say they have lived through far worse. The family benefits of island life are on show everywhere in Cyprus's second biggest city with its large Russian population, and the attitude is positive. That is despite the fact that the many Russians stand to be among the biggest losers from a levy on deposits in failing banks that is being imposed as part of an EU-IMF bailout. Russians had about $19 billion in deposits in Cyprus mainly through companies they established in Cyprus. By the end of 2012, Russian banks had about $12 billion placed with Cypriot banks and had loaned about $40 billion to Cypriot firms, according to estimates by the international rating agency Moody’s.
"The deposits of Russian citizens who suffered will be compensated with Bank of Cyprus shares. In fact, Russian citizens will get a fairly large share of the bank’s capital and correspondingly, get some control of the Bank of Cyprus,”... the Cypriot government will do everything possible to minimize Russian citizens’ losses on their deposits with Cypriot banks."Cypriot President Nicos Anastasiades said in an interview with Russian business television channel RBC TV.
Business - RIA Novosti
Read more about this topic: Russians In Cyprus