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Cypriot Banks

Duration:
28 minutes
First broadcast:
Thursday 04 April 2013

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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