Rapid Response Team
From the Financial Times' Beyond Brics blog:
Cyprus: a chance for Putin to join rescue… and fight corruption
The Cyprus crisis has angered the island’s bank depositors, rattled markets and prompted furious arguments about the sacrifices involved in the planned EU/IMF-led rescue.Reportedly there is only one person on earth that Putin fears:
Trouble all around, not least among the banks’ many Russian clients. But there is a silver lining: Russia’s president Vladimir Putin now has a golden opportunity to impress the world with his generosity and far-sightedness. He should volunteer to cover Russian depositors’ losses – but only on condition they identify themselves and their sources of funds. Moscow would get kudos for contributing to a high-profile international rescue, supporting its citizens, and promoting financial transparency. What could be better than that?
With Russia markets falling further on Monday than most others, it’s clear that the turmoil is hurting Moscow. So a rapid response from Putin would be entirely legitimate....MORE
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