Last week, the parliament in Cyprus turned down a bailout proposed by Eurozone bankers. Today, the Cypriot government struck a new deal that does not require parliamentary approval. The country's economy could decline by 10 percent but the big short-term losers are Russian billionaires. The banks of Cyprus have been tax havens, with billions of uninsured deposits from Russian billionaires. Now at least one bank that got too big to fail is being allowed to — and those Russians will being paying the bills. Felix Salmon is a finance blogger for Reuters.
A Deal for Cyprus, but Upheaval May Not Be Over
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