In the grand scheme of Eurozone economics, Cyprus is an insignificant slice of the cake but what happens there could be a blueprint for future, larger bailouts and the current bailout for Cyprus of Euro 10 billion, is causing ripples of panic.

Hit hard by exposure to the collapse in the Greek housing market, Cyprus has had to impose a tax on savings to receive the rescue funds but the new Government has just decided to alter the rates of this tax and savers are rushing to withdraw their money before the deadline on Tuesday, Monday being a bank holiday.

The wider concern in other parts of the Eurozone is that this savings tax will become a template and a condition for further bailouts and  this has unsettled markets .