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There's a link at the top "UPDATED: What do we do now?" -- http://www.cyprus.com/cyprus-bailout---what-to-do-now.html

"Supplement with nationalization of pensions"

So the alternative is to take money people have saved for pensions rather than hit bank depositors over 100K???

And what will those people do who have their pensions as the only source of livelihood or major source?

I have no idea - seems an appalling idea to me.

The last paragraph (15.) offers alternatives as well.