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Well, that's certainly one way to bottom line it.
Factually incorrect, but still one way!

Not being a financial expert, I try to retain and grasp certain facts that tend to be routinely reported, regardless of media or government spin.

Cyprus banks were international money laundering places where long term “investors” could park large sums of mostly unexplained “cash” for 4-6% annual interest rates.
They continued to happily launder the money for various EU government and other players, and heavily “invested” in “secure” bonds from many soon to be bankrupt EU nations.

Carbon trading investment schemes were supposed to keep the fictitious money bubbles happily rolling one step ahead of worldwide government debt defaults.
They hit a wall, when certain “players” decided, or were told by their income streams,in no uncertain terms, that the “scheme” was not workable, and several big players decided not to “invest” in the game this round.
The smaller PIIGS group were to openly crash and burn first and hardest, supposedly, while providing short term cover for the rest of the failed investors.

But something bad happened on the way to the international money laundering rolling government investment bank bailouts...

The ignorant thieves finally got schooled, that there is no honor among thieves.

Cyprus banks were wiped out when the Euro Kleptocrats bailed out Greece. Part of the bail out deal was for bond holders to receive a 75 % haircut. That is where Cyprus had parked all its icky Russian and British money. They lost 4.5 billion, which just happens to be similar to the amount of cash the EU Kleptocrats demanded from Cypriot depositors. So how did Cyprus pay for those Greek Bonds ? Or did Cyprus ever actually pay for them ? Who the heck knows ?

So in a nut shell, the same EU Kleptocrats who stole the Cypriot bond notes, now want the Cypriot cash too. So my guess is that the bond notes were worthless.

As the Russian revolutionaries who overthrow communism put it - Stealing that which was already stolen.