It’s not Greek v. Turk, this time it’s Ireland v. Iceland!
Essentially, the Cypriots have to choose between substantial haircuts for bank depositors (most of them foreigners who like tax evasion and money laundering), which effectively ends the only large industry other than tourism, and leaving the Euro, which will undoubtedly increase tourism and give the finger to the Germans and Russians (no bad thing).
Staying in, as Ireland has found out, means years and years of grinding poverty and high unemployment. Never joining, as Iceland found out, means you can screw the banks, use and devalue your own currency, and get back to sustainable growth more quickly.
Gorilla says, “Saying goodbye to Euroland is always the easiest solution!”