Cypriots Are The Guinea Pigs

I think this is exactly right:

One flabbergasted Larnaca bank employee, 28, was grabbing a coffee before returning to the rolling TV news he said the nation was glued to. He found the bank levy an "extraordinary" surprise. "Are we the guinea pigs? There's a feeling they are trying this out on us before they do it elsewhere. Let's see how the markets react."

So now it looks like they may lower the levy on accounts under $130,000 to 3% in some attempt to assuage people that it's not so bad.

But make no mistake - if they get away with this here, they will do this elsewhere in the near future.