First the Russian money, now the Chinese.

The Russians has been going to Cyprus for many years now, and now the Chinese rich joins in. 

Who wants to go to a sunny island, and live in the EU ? 
One more question - do you have a lot of money ?
 
Cyprus has a winning concept, the sun and the beaches combined with cooperative bankers.

More than 1,000 Chinese have now purchased a home in Cyprus.
Most of them wants to move there, and to get a "residency permit".
To get this permit they should / must buy a home for minimum € 300,000.

With that kind of regulations, all homes that a Chinese will come and look at will cost at least € 300,000.  In fact this pricetag includes permanent living on a sunny island, within the EU, and not to many questions asked. 

First came the Russians, bringing a lot of Rubels to Cyprus, that money was very well received by Cypriot banks.They probably clapped their hands.

Strangely, much of the Russian money handled by the banks of Cyprus, were lost by the same banks one way or the other.

A lot of money were lost when "gambling" in Greek bonds.  If the EU had spent even more money helping Greece - there would have been a big gain for these banks. 

Considering the fact that the EU countries did, and keeps on doing so, contributed large amounts of money to fight the crisis in both Cyprus and Greece, it does not feel right ! 

But that's not all, far from it - the board members of some banks, also seems to have borrowed a lot of money for their own projects. 

One wonders if all the talk about the bad business with the Greek Government securities was a smoke screen .....

More about this can be found if you follow the link below: 
http://cyprusdebt.com/what-you-didnt-know-about-laiki-bank/ 
  
I do not blame the Russians, if you are used to live in Novosibirsk the climate of Cyprus must be heaven. No kidding.   

One thing comes to mind: Ponzi schemes.   
Now it is up to the authorities in Cyprus to investigate and act. 

In the United States, Bernard Madoff is sentenced to 150 years in prison.
But that is the U.S., not Cyprus ....