Given the inevitable public backlash, looks like they're already back-peddling, or worse, just making things up as they go along.

"The Cypriot government on Sunday discussed with lenders the possibility of changing the levy to 3.0 percent for deposits below 100,000 euros, and to 12.5 percent for above that sum, a source close to the consultations told Reuters on condition of anonymity."

"According to a draft copy of legislation, failing to pay up would be a criminal offence liable to three years in jail or a 50,000 euro fine."

http://www.reuters.com/article/2013/03/17/us-cyprus-parliame...