Cyprus invested too heavily in Greek government bonds, much like american banks losing money with the decline of securities based on the failed subprime mortgages bundled in said securities. The Jerrys offered up the levy idea because they are in an election cycle and don't want european investors thinking the Jerrys support bailing out the commies, who are the heavy investors in Cyprus. I say "Fvck 'em."


The real question is, why has no one ever been held accountable in any country for making such poor investments?