Russia launders money in Cyprus, Cyprus invests in Greece, Euro bails out Cyprus (with a haircut), so who is the Euro helping? #finance
— Techmuser (@techmuser) March 20, 2013

 The tweet above pretty much sums up the situation, highlighting the confusion with the Cyprus bailout. It also makes clear why Germany is pushing Cyprus to burden its depositors with a one time cut. Germany does not want its tax payers to bear the cost of all the money laundering by the Russians and the careless investments by the Cypriot banks.