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Tom, have you left out toxic investments in papers?
If so much money was deposited in Cypriot banks, where has it all gone?
Why has Cyprus NO money now, currently depending on emergency cash from other EU states just to supply the cash machines?
OK, some of the masses of money went to Greek banks, and the rest?
To me it seems that money of Cypriots, Russians, British expats and others has been re-deposited by Cypriot banks into the casino of speculative toxic papers "somewhere in the Tiny Global Village".
Barry won't be able to give us an explanation here, citing Keynes' handbook. Marx' Das Kapital might be a little more helpful, if it wasn't three giant volumes!
Dear Tom, just digit "ponzi scheme" on the Web, and "toxic investments". and "speculation".
For the alternative (disambiguation), digit "how to pay people a wage to dig a garden and plant a crop", or: "how to open a factory and pay people to produce clothes".
Clearly Cyprus chose the former (ponzi scheme), and got the pyramid effect, and things snowballed out of control.