http://www.activistpost.com/2013/03/eu-raids-private-savings-accounts-to.html

Sure enough, much like the U.S. Federal Reserve threatened martial law and blood in the streets if Congress didn't accept sweeping bailouts in 2008, now Germany is saying that Cypriot banks might never reopen after parliament's decision:

Germany's finance minister, Wolfgang Schaeuble said major Cypriot banks were "insolvent if there are no emergency funds,” according to a BBC report, meaning savers might lose all their money if no deal was reached. (Source)

There is extreme worry that if the banks do reopen, capital flight is all but assured. Meanwhile, similar confiscation schemes are being proposed for Italy and New Zealand (more on that below), spurring questions about which other nations are in line for a "haircut" . . . perhaps better called "the chopping block."

Whether or not Cyprus gets its bailout in one form or another -- perhaps from Russia -- this is a precedent-setting crisis that is already leading to such a level of distrust in Cyprus that merchants are even refusing credit card payments. This is indeed shaping up to be a potential "Lehman Brothers Moment" with ramifications that could extend even beyond the troubled nations of Europe.