The Cypriots don’t have a lot of alternatives open to them at this stage in the game.
They could always allow themselves to go bankrupt...it’s an option, if a painful one. They could go back to the Cypriot Pound, with an immediate devaluation of 40 to 50%. It would make vacationing there a lot cheaper, that’s for sure.
They could sell off the southern part of the island to the Russians. They’d be happy to buy it, I’m sure.
Maybe they could just let Turkey take over the rest of the island. Turkey’s in good shape, economically speaking.
Cyprus is bust. I know it’s not the fault of the ordinary man-in-the street for their situation. I don’t envy their situation, to put it mildly. They’re damned if they do, and damned if they don’t. It’s an economic Kobayashi Maru, to use a Star Trek analogy. The no-win scenario.
Maybe they should change the conditions of the test.
In the Middle Ages, when nobility had a desperate need of cash they could sell rights and freedoms to cities and communities. I don't know how this might work in modern circumstances.
As far as the Cypriots themselves, they could return the favor of a bank holiday with a general strike/economic holiday. How would the government enjoy functioning after losing three days of economic activity? Limit trade to barter and essentials. This is a very unpleasant option, to say the least.