Democracy for the moment has prevailed over the Bankers friends within the European Union. The politicians of Cyprus backed by the people may have rejected the bank account tax, but the truth is that the financial crisis in Cyprus is just getting started.
Right now, the two largest banks in Cyprus are dangerously close to a meltdown. If they fail, depositors could end up losing virtually all of their money. That's because, the banking system of Cyprus absolutely dwarfs the GDP of that small island nation.
