Sunday February 1, 2015 Search
Weather | Athens
16o C
13o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Schaeuble: Russia-Cyprus money flow suspicious

Two-way investment flows between Russia and Cyprus create suspicion that money laundering may be behind the transactions, German Finance Minister Wolfgang Schaeuble said on Monday.

“Suspicion arises – and it’s plain to see – because Russian investment in Cyprus is so high and at the same time Cypriot investment in Russia is high,” Schaeuble said on Germany’s ARD television “2+Leif” program.

“You may ask why Cyprus is the second-largest foreign investor in Russia and we need clear answers to that.”

Comments on Monday by Schaeuble and Luxembourg Prime Minister Jean-Claude Juncker underline calls for Cyprus to take action on money laundering as a condition for potential aid.

A German secret service report on Cyprus that was sent in November to federal lawmakers said Russians deposited 26 billion euros – more than the size of Cyprus’s economy – in Cypriot banks over an unspecified time frame, according to Priska Hinz, a Green party lawmaker, who read the secret report.

While a report on the financial health of Cyprus by the so-called troika – the European Commission, the European Central Bank and the International Monetary Fund – and a February election in the country are set to delay decisions on aid, Germany is already outlining caveats it views as necessary conditions, including bank transparency and the primacy of first-stop help from Cypriot banks’ creditors and the government over aid from euro-area funds.

Cyprus needs to “play by the rules we have on money laundering in Europe, sign the same rule book,” said Michael Meister, the ruling Christian Democrats’ finance spokesman in parliament, in an interview on Monday.

“Only if bank creditors and the Cypriot state are unable to help can the euro area step in.”

Schaeuble said Russia needs to tighten its financial market rules that have fostered money laundering, saying that he had asked Russian Finance Minister Anton Siluanov to consult with President Vladimir Putin over such a move.

Russia may be asked to contribute to a Cypriot bailout plan, Schaeuble told German lawmakers last Tuesday.

[Bloomberg]

ekathimerini.com , Monday Jan 21, 2013 (22:49)  
ECB’s Constancio signals Greek waiver may end if program dropped
Greece starts countdown to cash crunch saying bailout over
How Greece can run out of cash and what ECB’s Draghi can do
Varoufakis to meet French counterpart on Sunday
Europe waits for proposals from Athens
European officials believe that there is scope for an agreement with the new Greek government but that Athens will have to accept a compromise on its demands. Officials in Brussels told Kath...
Notes provide more clues on prison breakout scheme
Police have found handwritten notes exchanged between 22-year-old Angeliki Spyropoulou and jailed members of the Conspiracy of the Cells of Fire at a safe house in Loutraki, west of Athens, ...
Inside News
BASKETBALL
Panathinaikos preserves perfect home record
After yet another great performance at home, Panathinaikos defeated Galatasaray 86-77 in Athens on Friday to get to three wins in five games at the Euroleague top-16. The Greek champion shoo...
SOCCER
Gattuso: Unpaid OFI players couldn´t buy food
Former coach Gennaro Gattuso has lifted the lid on the plight of crisis-club OFI Crete which has been banned from playing in the Super League until it clears mounting debts with its staff. T...
Inside Sports
COMMENTARY
Unyielding truth
Finance Minister Yanis Varoufakis’s recent statement that “growth does not mean having Porsche Cayennes in the narrow streets of Greece” has made something of an impression and is now being ...
EDITORIAL
This is not a game
Greece’s negotiations with its partners and creditors must be conducted in such a way as to safeguard the country’s real economy, a vital sector which prior to the elections had appeared to ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Europe waits for proposals from Athens
2. Notes provide more clues on prison breakout scheme
3. Drug prices are falling but volume sold remains high
4. Tsipras plays down chance of rift
5. Ex-revenues chief Theoharis claimes political interference
6. Journalist to head Greece´s National Intelligence Service
more news
Today
This Week
1. US to work closely with Greece and EU to resolve differences, says White House
2. Merkel rejects debt writedown for Greece
3. Greek bank debt plummets as investors head for the exit
4. Greek markets plunge as SYRIZA digs in on challenge to austerity
5. Greece starts countdown to cash crunch saying bailout over
6. Tsipras says Greece to repay ECB, IMF, reach deal with euro area
Today
This Week
1. Greek Elections 2015 | LIVE
2. SYRIZA heads for historic victory but without majority
3. SYRIZA's win will test institutions
4. Greek Elections 2015: The day after | LIVE
5. EU must accept that Greek debt relief is inevitable
6. Athens may veto further EU sanctions against Russia
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.