>>>Srdjan, if you're out there, could you provide a local's view of the ongoing events?
>>
>>An overview for lurkers: http://www.bloomberg.com/news/2013-03-18/europe-s-reckless-raid-on-cyprus-s-savings.html
>
>That looks like what it has been done in Argentina, the difference being that in Argentina they lock all deposits and gave some bonds that were later paid off, but this resulted in some loss of money (I was not there but that time so I do not know specifics)
>
>By the way, if you watched the movie "Nine Queens" ("Nueve Reinas") you know what I am saying, and if you did not, I recommend it, is a very good movie.
>
>[Update]Found a link: http://en.wikipedia.org/wiki/Corralito

Yes, a lot of similarities but some differences too:

- Argentina has had a much greater history of state intervention in the economy and financial system

- In order to join the Eurozone Cyprus had to pass some tests. In hindsight, maybe not strict enough. But, my understanding is Argentina would not have passed them at or before the time of their crisis

Both crises illustrate the hazards of pegging local currency to foreign, or adopting foreign currency when you have little or no control over that currency. I bet the Brits are very thankful they didn't switch to the Euro when they had the chance.