The Cyprus fiasco has all the hallmarks of a classic ‘whodunnit’

Cyprus’s parliament has rejected a proposed agreement to levy €5.8 billion from Cypriot bank accounts as part of the country’s bailout deal. Sony Kapoor argues that despite the extremely negative reaction to the proposal, the other options facing Cyprus are no more appealing. Seeking assistance from Russia through the gas company Gazprom might generate long-term complications for the country, and the collapse of the Cypriot banking system would have far more severe consequences than the proposed bank levy.