Value Walk – Cyprus\u00a0was the fifth nation in EU to seek rescue from the Torika in an attempt to save itself from a burgeoning\u00a0debt crisis. However, the\u00a0\u20ac10 billion that were set to reach the country as part of its bailout plan were delayed when Cypriot parliament\u00a0postponed the vote on the bailout terms. The conditions for the rescue money came with a catch, which required even the ordinary depositors in\u00a0Cypriot\u00a0banks\u00a0to pay an additional tax. These taxes were proposed in order to raise \u20ac5.8 billion for the bailout package. The terms of the plan have been severely criticized not only within the country but also by Russian government.<\/p>\n
Russia\u00a0is one of the biggest investors in Cyprus and consequently\u00a0Cypriot\u00a0banks owe a major chunk of their deposits to Russia, Moody\u2019s Investors Service\u00a0estimates that the Russian funds amount to $31 billion. Vladimir Putin called the terms of the bailout,\u00a0unfair, unprofessional and dangerous<\/em>. \u00a0<\/em><\/p>\n