Here's a useful Kevin Drum point about Cyprus:
Just to give you an idea of what all the numbers mean, the EU/IMF plan requires Cyprus to come up with about $7.5 billion as its share of the bailout. That's roughly a third of their GDP. To put that into local terms, it would be as if the United States were being asked to pony up $5 trillion. This is about equal to all government spending—federal, state, and local—for an entire year.
Very true. That said, recall that the Cypriot banking system has deposits worth 8 times Cyprus' GDP. That's as if our banks had $120 trillion. And imagine that the vast majority of that $120 trillion was held by Russians. You can see why outsiders we were begging for money would have "why don't you take it from the Russians" as their first instinct.
TODAY IN SLATE
Here’s Where We Stand With Ebola
Even experienced international disaster responders are shocked at how bad it’s gotten.
It’s Legal for Obama to Bomb Syria Because He Says It Is
I Stand With Emma Watson on Women’s Rights
Even though I know I’m going to get flak for it.
It Is Very Stupid to Compare Hope Solo to Ray Rice
In Defense of HR
Startups and small businesses shouldn’t skip over a human resources department.