After suspense was increasing to almost unimaginable levels, at last Cyprus secured a bailout, thus avoiding bankruptcy. It seems that negotiations were indeed dramatic, but the wraith of another crisis in Europe was headed off at least for the nearest future.
On the 20th of March, the grief-stricken Cyprus’ finance minister asked for help from Russia. This move, which is simply believed to be an act of despair, is aimed at averting a financial cataclysm in Cyprus after the parliament decided to reject the terms of EU aid. The rejection of the EU bailout nears a probable bankruptcy of the country. Therefore the government is eyeing Russia as it believes that aid from Vladimir Putin would help avoid the tragic precedence of the ongoing crisis, including a bank crash.