Although I personally dont have any deposits in Cyprus, I know some lawyer offices who do. And at the moment those fellas are moving from Cyprus to other jurisdictions, that are not part of EU. From the looks of it, no matter what Cyprus does at the moment, their banking system is doomed. Once banks are opened people will start to withdraw, with tax or without. The worst part, it looks like Cyprus has no choice, but to impose 20% tax on the deposits that exceed 100,000 EUR. Comparing to other countries in EU, Cyprus is the smallest, and I bet EU economists think of it in a terms of a guinea pig. Once, the precedent of bank accounts "taxation" proves to be successful other countries might follow. Rumor has it, that the Russian Foreign Ministry sent to its embassies all over the world advising both Russian citizens and companies to begin divesting their assets from Western banking and financial institutions "immediately". The Kremlin feared grow that both the European Union and United States were preparing for the largest theft of private wealth in modern history. Spain, Ireland, Italy and Portugal are supposed to follow Cyprus fate at the next week. But rumors aside, even British politician advices to "get your money out" while you can: I think the first time in history BitCoins look more stable than EU banking system.