Former Trade Commissioner of Cyprus Warns of Bank Runs

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Former Trade Commissioner of Cyprus Warns of Bank Runs
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Former Trade Commissioner of Cyprus Warns of Bank Runs

Former Trade Commissioner in the United States for the Republic of Cyprus Dennis Droushiotis spoke with FOX Business Network’s (FBN) Nicole Petallides about his concerns surrounding the proposed Cyprus bailout package. Droushiotis said “the Russians are going to take all their money out of Cyprus” and that “there is going to be a bank panic.” Droushiotis went on to say, that for the United States this means a “downward trend overall of world markets.”

Excerpts from the interview are below:

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On the reason for Russian plane tickets being sold out going to Cyrpus:

“First of all they are being sold out because the Russians are going to take all their money out of Cyprus. There is going to be a bank panic, that is what I am speculating now… What does that mean for the U.S., a downward trend overall of world markets.”

On the possible departure of Cyprus from the Eurozone:

“If Troika doesn’t give us any money we will have to exit the Eurozone and our economy would collapse and that’s what we try to avoid, so that’s where we stand.”

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