“There are several lessons to be learned here:  1. Politicians lie. Only a few weeks ago, politicians in Cyprus promised that deposits in local banks would be backed 100% and that euro-zone taxpayers would finance any bailout. Obviously, that turned out not to be true.  2.  The swift win the race. Those depositors who got their funds out of Cyprus banks before the bailout get to keep 100% of their capital. Those who delayed face losses up to 60%.  3.  Cash is king. While the value of the euro has slumped in recent weeks, anyone with euros in cash form, rather than in an account, is far better off than with euros in a bank account. [..]”

http://www.nestmann.com/financial-situation-in-cyprus/

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