Cyprus Crisis: Sleepy island gets a rude awakening

Cyprus had done very nicely out of its low-tax, low-regulation system over the years, but all that is now set to change in a big way, writes Richard Curran.

24th March, 2013
A Cyprus bank worker reflects during a protest outside the parliament in Nicosia last Friday. Photo: Getty

Cyprus is caught up in a major political, economic and financial powerplay involving some of the biggest economies in Europe, notably Russia and Germany.

The failed attempt to grab close to 10 per cent of all bank deposits in a special levy was an attempt to do three things: generate cash for Cyprus to contribute towards the bailout, force many wealthy Russian deposit holders with money in Cyprus to take some pain, and send out...

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