Today I read an article on the issue of Cyprus and the European Union. On Monday the European Union leaders decided to prevent the collapse of the Cyprus banking system by bailing them out to keep them in the Euro Zone and help rebuild its economy. The deal was decided by the finance ministers of the euro zone. The 17 nations that use the currency. This will drastically "prune" the over sized banking sector of Cyprus. The sector is bloated by billions of dollars from Russia and in the former Soviet Union. The deal would remove the idea of putting a tax on bank deposits. The head of the finance ministers Jeroen Dijsselbolem of the Netherlands said that the deal could go into effect very soon and without a new vote by the Cypriot Parliament who had recently rejected a financial deal within the last week. On Friday a bill was passed by legislation that would set the frame for the new deal.
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