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    Roger, Cypriot banks have so much invested in Greek bonds that in the event of a default the banks would all be bankrupt instantly, wiping out all their shareholders' funds and causing them to default on deposit repayments. The scale of the default would be unmanageable for the Cypriot government.

    http://www.businessweek.com/ap/2012-05/D9UT6R9O0.htm

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