The banking levy in Cyprus is a good measure of how completely screwed up the EU has become.

Russia has strongly criticised the Cyprus bailout deal.

Presidential spokesman Dmitry Peskov said on Monday: “Assessing the possible decision of imposing additional tax by Cyprus on deposits, [President] Putin said that this decision, if taken, would be unfair, unprofessional and dangerous.”

Prime Minister Dmitry Medvedev said: “It looks simply like the confiscation of other people’s money.”

The Russians seem to be the only ones making sense here.