Russian Oligarch Dimitri Ribolovlev who owns 10% of the Bank of Cyprus Teachers in Cyrpus are to go on strike this week in protest against the government's cuts Teachers in Cyprus are the latest group of educators in a European Union country to come out on strike against government attempts to make public services pay the price for the economic crisis. The deputy secretary of the teachers' union OLMEK is reported on the website as saying: “We will strike because we, as teachers, have already contributed our due share aimed at helping tackle the crisis with the first fiscal consolidation package, so now it is the turn of the privileged ones to do the same. Now we are asked to consent to a decrease in wages for new teachers, the cut in child’s benefits and to give up the wage indexation of the first half of 2012 for a two year- period.” Cyprus is another EU country which has been facing economic turmoil as credit rating agencies down graded its economy. Unusually for a European economy, Cyprus has turned to Russia for aid which has offered a loan of $2.5billion at an interest rate half that offered on the international markets. According to the UK Guardian newspaper, Cyprus is a favourite destination of Russian oligarchs because of its low taxes, and the vast majority of its offshore companies are Russian owned. So clearly it is in the interests of the Russian oligarchy to bail out the country. Evidently this is not enough to stop the government making deep cuts in public services, including education and attempting to force teachers and other public service workers to pay for the crisis through lower salaries, higher pensions contributions and worse conditions. Teachers will strike on September 27th