The unprecedented steps by the Cypriot government with regard to the deposits placed in its country’s banks have come as a painful shock for their clients worldwide – primarily in Russia and Great Britain. The ‘financial paradise’, whose reputation may already be regarded as killed stone-dead, has become a victim not only of the circumstances or its own short-sightedness, but also of the policy of the European Union authorities that decided to take it out of the small Mediterranean island at the utmost.
