Cyprus the circus of the Euro zone.

Yesterday Monday the Eurogroup reached an agreement in order to bailout the Cyprus's economy. The European Central Bank had set a deadline "Monday" for the deal, after the Cypriot parliament rejected the first propose of the Eurogroup, one week later (and the time is really important you will see later why it is) Habemus deal!.

Do not worry the deposits under 100,000 euros will be fully guaranted, but in return of the aid, Laiki the second bank of the country will be shut down and the first one the Bank of Cyprus will be serious restructured. Another requirement will be to put heavy taxes on deposits over  100,000 euros, maybe around 30% of the total amount. 

Lets talk about those deposits, it is so curious to know that the 40% of the total deposits over 100,000 euros came from Russia. A lot of Russian people were in shock when the embassy warning them about the possibility of a cut in their deposits by the Eurogroup, the time it is important! and as I said at the beginning that week was really important. The two most important banks in Cyprus were restrictive to just give a limit of 100 euros by day, something like the "corralito" in Spanish words so familiar in Argentina. But has someone really thought that the rich people might lose a single euro? The subsidiaries offices of those banks on England allow to withdraw any amount of money without any restriction. Nobody knows how many money have been retired from this bank on that week but for sure a huge amount.