On Mar 26, 2013, at 1:20 PM, knowknot at mindspring.com wrote:
> On 3/25/2013, Doug Henwood wrote:
>
> > A quote from that Glenny piece in case it's behind
> > the FT's paywall: *
>
> Walking back from Cyprus
>
> In their brief 20 March 2013 "Walking Back From Cyprus" analysis/critique, Lee C. Buchheit (Cleary-Gottlieb) and Prof. Mitu Gulati appear to suggest that the larger deposits are not only by Russians of the sort to who whom Glenny refers. They write:
>
> "The next bond maturing on 3 June 2013 in the amount
> of €1.4 billion – a large chunk of which is reputed to
> have been bought by international hedge funds over
> the last six months at prices ranging from 70-75
> cents in the euro – will be paid out at 100 cents in the
> euro in about ten weeks. Each depositor in a Cypriot
> bank [who is "taxed"], large and small, will be making
> a solidarity contribution toward that payment to bond-
> holders."
>
> http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2235359
> http://www.voxeu.org/article/walking-back-cyprus