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> the EU urged Cyprus to collectively punish all deposit holders regardless of balance.

Not only is that incorrect, it's the exact opposite of reality: Cyprus wanted a 10% levy across the board on all accounts, bigger EU countries refused to breach insurance on accounts under €100k, preferring that only uninsured accounts (>100k) be levied against/.

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In the original proposal from just over a week ago, the EU (and IMF) were quite happy to see deposit holders with under 100,000 EUR being hit.

"Cyprus President Nicos Anastasiades says he is battling against eurozone demands that all bank customers pay a one-off levy in return for a bailout.

Mr Anastasiades said he shared people's unhappiness with the terms, whereby all bank customers would pay a levy of 6.75% or 10% on their bank deposits.

The EU and IMF have demanded the levy in return for a 10bn-euro ($13bn; £8.6bn) bank bailout."[1]

[1] http://www.bbc.co.uk/news/world-europe-21824495

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