Unsurprisingly, the reopening of the banks in Cyprus has been set back to next Tuesday.  

Who knows if they will really open then either.

So the people of that country not only will suffer a theft from their savings accounts, amount so far unknown, but they are now being denied access to their money for more than a week.

Nice.

The government there is clearly hoping that either the passage of time and the imposition of capital controls, or a deal with the Russians, will solve the problem, or at least make the financial consequences survivable.   We will see.  The markets here seem to be taking all this in stride, but then again, with all that sweet, sweet printed government money flowing like a river, why wouldn't they?