So until last week I had no idea that Cyprus was a country, and then word came that the EU was granting them a bailout on their debt.
It just had one tiny stipulation, that a tax of 6.75 per cent on deposits of up to €100,000, and a tax of 9.9 per cent above that threshold on banks.
What happened next could be described as a Bank Run as people pulled their money from banks and ATMs, and the Government responded by shutting down all banks until Thursday, at which point the Parliament most likely would have voted on the deal, and people who haven't gotten their money out more than likely would be screwed.
The Guardian has a pretty good live up to the moment page going showing events as they happen.
Cyprus: banks shut till Thursday as government scrambles to amend savings levy - live | Business | guardian.co.uk
What I cannot get, is how any one in the EU thought this would be a good thing, of course it would cause a bank run, but whats worse is now people in other countries will think their savings are not secure as a similar bailout could be passed there. This causes a bank run in other countries, and well, we see the beginnings of a new depression as banks lose all liquidity.