Cyprus crisis: Europe plays hardball

... that I have no secret information as to what prompted the sudden Euro Group ultimatum demanding that taxes on deposits in Cypriot banks be introduced to expropriate part of these deposits in order to recover European loans — without which the banking system could not be rescued. Banking, along with the tourist industry, underpins the Cyprus economy. However, I have a hypothesis that differs from most other explanations offered. First, let us look at what the Russian and foreign press have ...