Greece hold Cyprus bond and Cyprus holds Greek bonds. Everyone knows the Bonds are worthless but it looks good on the books. That is why the bonds must be paid 100%. Once the bonds are considered mark to market the music stops and no chairs available.
This will not end well.
Cyprus only has ~250,000 employed workers, so 15B Euros is something like 78210.00 US Dollars of debt per employed worker.
There probably aren’t that many native Cypriots that have over 100k in the bank,
2011 estimates have only 10500 Cypriots worth over US$1MM .
http://www.google.com/url?sa=t&rct=j&q=cyprus%20household%20wealth&source=web&cd=7&cad=rja&ved=0CF0QFjAG&url=https%3A%2F%2Finfocus.credit-suisse.com%2Fdata%2F_product_documents%2F_shop%2F324292%2F2011_global_wealth_report_databook.pdf&ei=xNJPUdyBEIHC4AP5xoCoBQ&usg=AFQjCNEChB9VHtKj7c1fdrOpYTgZ4nFp_A&bvm=bv.44158598,d.dmg
They were sent to the wolves.