Mario Draghi has described Banks in Cyprus as systemically relevant and wants to extend a 10 bn Euro loan to the country to bailout deposits of Russian oligarchs in banks in Cyprus. Basically the same thing we did with Anglo Irish depositors. But Even Putin now has refused to send Cyprus more money, why should we?
On the back of an envelope this EU bailout alone for Cyprus will cost the Irish taxpayer 100,000,000 Euro. where is this money coming from?