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The current affairs series combining original insights into major news stories with topical investigations

The Report: Cypriot Banks

Cypriot Banks

04/04/2013

BBC Radio 4 - The Report, Cypriot Banks

Simon Cox travels to Cyprus to examine how the banks ended up in such a mess.

Simon Cox travels to Cyprus to examine how the banks ended up in such a mess, and whether the Russians are to blame for the crisis.

The economy of Cyprus is in jeopardy following a banking crisis in which savers have seen millions of euros in 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, as Simon Cox discovers, 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.

Producer: Anna Meisel.

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