The Worst Endorsement Cyprus Tax Opponents Could Get
The only way to make a bailout politically acceptable then was to make sure that the oligarchs would pay.
Anyway though, the point is that the more this is perceived as punishing Cypriot savers the more opposition will there be against the tax, and the more this is perceived as punishing Russian oligarchs the more support will there be for it. And so the last thing opponents of the tax needs is anything that creates the perception that opposition to the tax is based on a desire to protect the oligarchs.
And so what does, Vladimir Putin, patron of the oligarchs (those who support him that is, those that didn't have been disposed of) do? Express outrage over the tax! Not what those fighting against it needed....