Cyprus rescue plan will require great efforts, IMF says

[dipsydoodle]

1. Some thing odd may be going on out there

This was posted in the Economy Group here a few days ago : Pop Quiz: How Big Is the Bailout Of Cyprus ? http://www.cyprus.com/pop-quiz---how-big-is-the-bailout-of-cyprus

And see this in the same forum too : Survival of the Brokest in Cyprus Bailout http://www.bloomberg.com/news/2013-04-01/survival-of-the-brokest-in-cyprus-bailout.html I knew that the Greeks had bought their end of the Laiki Popular bank but not that they had only bought the good assets and not the liabilities.

It would seem that the apparent bailout of Cyprus is in some respects an additional backdoor bailout for Greece.

There is also the subject of the legality of the taxes being imposed on Cypriot bank a/cs. See http://www.democraticunderground.com/?com=view_post&forum=1002&pid=2604637

That is aside from some being excused the tax - the Greek Orthodox Church for example. Sounds like a case of "gravy for some"

If the tax was found to be illegal, there would at present be no bailout and as such a bankrupt Cyprus.