Some applicants for VAT registration numbers are also being asked to put down a bond, effectively a deposit, in case they default without paying VAT.

BBC: Paul Gerrard

In part that is because banks are keen to shed their fund-management arms, either because they need to raise capital or because they no longer see a business case for combining deposit-taking with portfolio management.

ECONOMIST: Fund management

In this case, the Troika puts in question not just the credibility of deposit insurance per se but the safety of deposits in financial institutions against state confiscation.

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