The drama out of
The country has been ailing for quite some time, and everybody knew that a bailout was coming.
But the big surprise is that depositors in banks will be subject to an instant one-off tax to raise nearly 6 billion euros.
The background is that because Cyprus has an enormous banking system -— and houses a lot of offshore Russian money — there was not much political appetite to bail it out, even though the amount of cash was minimal.
In fact it seems,
Faisal Islam — who is the crack economics reporter at U.K. network C4 — tweets that Germany basically gave a quid-pro-quo. Take the deal, or leave the Eurozone.