Russian businesses and banks are starting to consider some legal action against Cyprus or individual banks, but some lawyers predict that they may have a hard time winning their case.
First of all, Cyprus has a small economy and the rescue package is something about € 16 billion, approximately € 3 billion less than last year’s loss of Bankia – the Spanish bank.
It is more than clear that we have two blocks in the EU – the austerity block, lead by Germans supported by Finland, Austria or Luxemburg, and the anti-austerity block, lead by France supported by Spain, Italy, and Portugal. Who will win? What do you think?