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The sniffing has started

Despite pay cuts, rising unemployment, haircuts on bank deposits, the closure of the island’s second largest bank, etc. there have been no demonstrations, strikes or union protests; Cyprus is a funny little place.

Cyprus banking idiosyncrasies laid bare

The PIMCO due diligence report on the island’s banking system reveals what the company refers to as idiosyncrasies that differentiate Cyprus from other international banking systems.

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