That's because they recently almost confiscated a part of them. Now trust is gone. Once trust is gone, the term "insurance" is just meaningless bullshit.
Now deposits are "frozen." Think they'll ever be unfrozen? Think again.
Okay, say you're - heh, heh - "insured" through next week. How about the week after that? Or next month? All bets are off now.
There are now two types of Cypriot depositor:
They either know they're fucked or they're in denial that they're fucked.
If I wrote an article on this for the Cypriot equivalent of Money magazine it would just be one additional sentence: "Get every fucking dollar out of your bank accounts as soon as you possibly can. You are at high risk of losing everything."
3:42 PM PT: Thanks for your input. Any updates on the situation there would be appreciated.