Well, Cyprus decided not to take 6% to 10% of everyone's deposits ... they just took 40% of the deposits of "the rich". That meant ... 40% of deposits over $130,000 (evidently the amount below that is "insured")
The Russians are upset, since there is a lot of Russian $ in those larger accounts.
The Russians should actually be a bit relieved, since not too many Russians are going to be risking putting their funds in Cypriot banks in the future. That would mean the money would either have to stay in Russia, or it could be a windfall for Swiss banks?
If banking is a big business in Cyprus, ya think maybe that it's not going to be very attractive to much of anyone in the future? A temporary bailout, but one that the rest of the Cypriot economy might go down the bowl as a result of it.