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Reuter's

. . .the plan will spare the Mediterranean island a financial catastrophe by winding down the largely state-owned Popular Bank of Cyprus, also known as Laiki, and shifting deposits below 100,000 euros to the Bank of Cyprus to create a "good bank".

Deposits above 100,000 euros in both banks, which are not guaranteed under EU law, will be frozen and used to resolve Laiki's debts and recapitalize Bank of Cyprus, the island's biggest, through a deposit/equity conversion.

The raid on uninsured Laiki depositors is expected to raise 4.2 billion euros,

Calling sophisticated kossacks.  What does this mean in the long haul?  A bank failed.  How much of this solution transfers the pain to the right segment?  Why was the national bank the one chosen to fail?
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