7 October 2014

Whether the Central Bank of Cyprus ever understood the consequences of its decision in slapping Resolution measures on the Cyprus branch of FBME Bank in the late evening of 21 July, they realise the damage to Cyprus that they have now caused. The latest to express their extreme disquiet about the banking authorities in the Republic are members of the Upper House of the Russian Parliament.

In a story written in the renowned Cyprus weekly, the Financial Mirror, the measures taken against FBME – as well as those that have undermined Russian shareholders in the Bank of Cyprus – have been described as “unfriendly actions against Russian interest”. The Financial Mirror article can be accessed through this link.

1 The full quotation, from Sir Walter Scott’s poem Marmion, from which we take our headline, is:

            Oh what a tangled web we weave,

            When first we practice to deceive!