In case you missed the news, EU has proposed to exercise an emergency 6-10% tax levy on all Cypriot bank deposits as condition for national bailout package effective immediately without notice. Access to accounts are frozen and money being removed from accounts before banks open on Tuesday after holiday weekend. Guess there is still a vote in Cypress parliament before the rule is exercised this weekend. Bondholders will remain whole; only the innocent depositors will suffer losses. See New York Times article.