A plaque remaining from the Big Apple Night Club at West 135th Street and Seventh Avenue in Harlem.

Above, a 1934 plaque from the Big Apple Night Club at West 135th Street and Seventh Avenue in Harlem. Discarded as trash in 2006.

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Entry from May 20, 2013
Cyprus Virus

The term “Cyprus virus” refers to the European Union’s treatment of Cyprus’s financial problems. The term was coined in the Financial Times on May 19, 2013:

“Nuno Amado, his opposite number at BCP (Millennium BCP—Banco Comercial Português—is one of Portugal’s largest banks—ed.), talked of a “Cyprus virus”, saying: ‘If someone had designed a plan to hurt the European market, it would be difficult to think of something better . . . You can’t keep playing with fire.’”

Another term for the Cyprus financial crisis is “Cyprused/Cyprussed.”


Wikipedia: 2012-13 Cypriot financial crisis
The 2012–2013 Cypriot financial crisis is a major economic crisis in the Republic of Cyprus that involves the exposure of Cypriot banks to the Greek Debt Crisis, the downgrading of the Cypriot economy to junk status by international rating agencies, the consequential inability to refund its state expenses from the international markets and the reluctance of the government to restructure the troubled Cypriot financial sector.

On 25 March 2013, a €10 billion bailout was announced in return for Cyprus agreeing to close its second largest bank, the Cyprus Popular Bank (also known as Laiki Bank), levying all uninsured deposits there, and possibly around 40% of uninsured deposits in the Bank of Cyprus (the Island’s largest commercial bank), many held by wealthy citizens of other countries, significantly from Russia, who use Cyprus as a tax haven. All insured deposits of 100,000 Euros or less will not be affected.

Financial Times
CNBC
May 19, 2013 7:33 pm
Portugal’s banks fear ‘Cyprus virus’
By Patrick Jenkins and Peter Wise in Lisbon
(...)
Nuno Amado, his opposite number at BCP, talked of a “Cyprus virus”, saying: “If someone had designed a plan to hurt the European market, it would be difficult to think of something better . . . You can’t keep playing with fire.”

The comments come in the wake of the EU’s messy deal to bail out Cyprus, which initially envisaged a so-called haircut even on deposits below the pan-Europe €100,000 deposit guarantee. Although the threshold for haircuts was later lifted above the guarantee level, bankers across the eurozone complained that the damage had been done.

Posted by Barry Popik
New York CityBanking/Finance/Insurance • Monday, May 20, 2013 • Permalink