Saving Cyprus from financial collape is coming with a hefty price tag, and not only for high-level depositors. The long-anticipated re-opening of banks came with unprecedented restrictions, with daily withdrawals limited to 300 euros per day. There’s been no time frame given for the capital controls, only promises the measures would be reviewed daily.

Depositors in Cyprus’ biggest bank will loose around 60 per cent of their savings over 100 thousand euros – that’s despite earlier signs they’d take a smaller hit of 30 to 40 per cent. The tough bailout terms have put an end to Cyprus as an offshore tax haven, leaving people there in fear of further money worries and job losses.

As anger grew in Nicosia this week geopolitical analyst and journalist Patrick Henningsen says the EU lenders deliberately chose Cyprus as a test bed for this new kind of bailout, while also seeking to expel Russia’s influence there.