Cyprus Bailout

Today's worldwide shares dropped, partly because of the bailout for Cyprus, an European nation that is about to go bankrupt. The Cypriot government has reached an agreement with the Euro-zone, to have a bailout for Cyprus's troubled banking system. And the agreement was not a free bailout -- there will be a bank levy, a tax on the people's savings in banks. Above 100.000 euros in your savings account, you pay 9.9%, below it you pay 6.75%. This money will add up to about 5.8 billion Euros, a part of the 13 billion Euro bailout. And now everybody in Cyprus is trying to retrieve the money to soften the blow. There are different views on it. Some people feel that it is unfair for the people. They feel that Cyprus is being the scapegoat for the European countries. Many Russians also have their savings in Cypriot banks, and Vladimir Putin believed that "it would be unfair, unprofessional and dangerous". Angela Merkel said that “anyone having their money in Cypriot banks must contribute in the Cypriot bailout. That way those responsible will contribute in it, not only the taxpayers of other countries, and that is what’s right.” The president Nicos Anastasiades also said that he does not like the bailout, it is a tragic moment for Cyprus, but it has to be done. The parliament only had a slim majority for the vote, and the voting that is scheduled to take place on Sunday would be delayed to allow more time to build a consensus. I personally do not have much opinions on this, although I do not really believe in bailouts. Comments would be greatly welcomed on this issue.