To all intents and real world purposes, Cyprus is no longer in the Euro. It uses the Euro as it's note of currency, but it's citizens can't draw their money out of the bank when they wish, even out of the healthy banks, and they cannot move their money to another Eurozone country if they wish.
They have a disconnected Euro, a second class Euro, a Euro which will put them in permanent thrall to Germany . They will be better off in the long run, (and not that long either) if they had no Euro at all.
But who is next? It won't stop there we can all be sure of that. The Euro is wobbling badly and faces an existential crisis of just the kind that was being denied a couple of months ago. " The threat to the Euro is over" it was being said.
Slovenia, a small state recently admitted to the EU and forced to take on the Euro, could be next up for the kind of help it could really do without.
For a good view on the Euro it's worth having a look at this article from a back on form Ambrose Evans-Pritchard
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