Russian poker face only reveals Cyprus peril
In his Financial Times blog, Paul Murphy said after the Cypriot finance minister, Michael Sarris, returned empty-handed from Moscow: “Medvedev and co could not have played a worse hand during this crisis — and it’s not immediately clear why.”
His point is that the most likely outcome right now — he calls it “popping the red pill” — is that big depositors at Laiki Bank (read: Rich Russians) are likely to lose some 40% of their money. Since that will make Russia very unhappy, why is Russia doing nothing to prevent it?
