They then doubled the shake up when they turned to Russia, and asked them for help.
Russia is expected to meet the Cypriot terms, as many Russians have investments in the island nation's economy.
The EU responded to the switch, by threatening to pull out their current financial aids to the troubled country.
Banks in Cyprus have been closed all week, and will remain so til next week, while the country tries to prevent a threatened run on the banks.
The closure and uncertain economic future is only increasing the difficulties that are faced.
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