Cyprus turned to Russia for help on Tuesday night after the country's parliament overwhelmingly rejected a tax on the deposits of bank savers.
With protesters celebrating in the streets, the rejection of a draconian levy left a planned £8.5bn eurozone bail-out to save the Mediterranean island in chaos, according to the Telegraph. The country's finance minister defied explicit warnings from Angela Merkel, the German chancellor, and left Cyprus for urgent talks in Russia. Michael Sarris flew to Moscow to plead for aid, despite Merkel warning Cyprus not to enter into negotiations with Russia, raising the spectre of eurozone disintegration. "The chancellor once again emphasised that the negotiations are to be conducted only w...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes