Thursday, April 4, 2013

Dennis Gartman on Russian mafia


I think the decision here was egregiously bad. I think this was lunacy on the part of the European monetary authorities, the banking regulators, or whoever it was responsible for making this decision in Cyprus. They have stepped on Russian toes, and the Russians are not going to be happy about this. Somebody will have to pay for it. I think this is very stupid.

Everybody knows that the vast majority of the deposits in Cyprus are from Russia. They’re Russian government officials, they’re Russian businessmen, it’s Russian mafia – and you don’t mess with the Russian mafia.