No. of Recommendations: 2
Cyprus is not merely a small country with large banks. It is purposefully designed as a center for money laundering and tax evasion.
The business model of the country is criminal and parasitic.

Sort of like Liechtenstein, Luxembourg, Switzerland, Monaco and Andorra? Only each of them had decades or centuries of time for their dirty money to develop a "patina," and/or acquire a noble title.

There's a lot of ill-gotten gains in this world and it always somehow finds a home. The best home for dirty money today, of course, is in too-big-to-fail banks where occasional money-laundering fines are a much better bargain.

I don't seem to recall HSBC, Credit Suisse, Barclays, Lloyds, ING, or RBS - ABN Amro paying fines of $10 Billion as a result of their money-laundering activities. Seems like they all got socked with mere $ Millions (or some hundreds of millions).

For money laundering, those stupid Russians should have gone to London, Hong Kong and Singapore, like everyone else does. Or they should have changed their last names to sound British, French or German - before they made their deposits.

It always seems to come down to crony capitalism, doesn't it? That's about the only explanation for the arbitrary manner in which the financial crisis has created winners and losers.

In the end, it's still a house of cards.

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