EU diplomats said the president, flown to Brussels in a private jet chartered by the European Commission, had fought to preserve the country's business model as an offshore financial centre drawing huge sums from wealthy Russians and Britons
I guess that after you wipe all the assets from all the wealthiest depositors (everything over $100,000 Eur was uninsured), you can pretty much rest assured that your main line of business is now wiped out. Well, they still have olives and some tourism. The beaches and ocean looks nice, but the weather is often not really warm enough for beach weather.
And the earliest deal involved Cyprus increasing their corporate tax rate by 5 times its present rate....hmmm wipe out the major line of business of the country, and then tax existing business and tax business that might want to start up.
And the earliest deal involved Cyprus privatizing country infrastructure. For instance, they rely heavily on desalination for water, which is very expensive and high maintenance, those assets would become owned by EU who would then become the distributor of water at whatever rate they want to charge, say $15/1000 gallons. Also roads, sewer plants, maybe even government buildings and educational facilities. Everyone to become a "renter" of what you used to own.
Poor little country has been raped.
The precedence has been set.