IPFS News Link • Economy - International
Cyprus Parliament Refuses
• http://market-ticker.org,I suspect, but cannot prove, that the reason for the IMF and ECB demand is that the ECB and other "protected" parties are the holders of the bonds in these banks, and had an orderly resolution process been carried out (or for that matter a disorderly bankruptcy) the result would have been a wipe-out of these institutions' holdings.
Rather than accept that, having willfully and intentionally looked the other way and accepted those bonds as collateral despite knowing they were worthless they attempted to steal the funds from the people to cover it.