BBC The Bank That Brought Down Cyprus
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http://www.bbc.co.uk/programmes/p016tlqr
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The Directors loaned themselves $400 million. Money went missing. Billions in unsecured loans were issued to buy stocks. This bank robbery was an inside job. It is a must listen.
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The entire economy of Cyprus has been brought to its knees with millions of euros of bank deposits wiped out of existence. How did it come to this? The Russians have been blamed for using the island as a tax haven and damaging relations with the EU. But the real problem with the system was much closer to home. Simon Cox finds out from employees and executives at the now defunct Laiki Bank how billions handed out in bad loans created a financial time-bomb that has destroyed a nation’s hopes.
Produced by Lucy Proctor.
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