The Cypriot government have agreed a punishing EU savings tax that will see as much as 20% of savings stolen to contribute towards a bailout.
Anyone with a bank account at the Bank of Cyprus with over €100k will have 20% of their savings confiscated with 4% being confiscated from accounts held at other banks. The Bank of Cyprus is the largest bank on the island.
Cyprus' Finance Minister, Michael Sarris, tried in vain to get Russia to bail them out instead of the EU but the Russians weren't interested in the Cypriot gas investments they were offered in exchange. That was the third time the Cypriots have tried to avoid the EU's destructive bailouts so they will be severely punished when the terms are agreed.