On March 15 banks in Cyprus closed their doors , and they have not yet re-opened. The trickling cash flow already has taken its toll.
Small businesses say they are doing very little trade, and some say they already have had to lay off employees.
But the worst maybe is still to come, though, because the deal struck with international lenders aims to shrink the Cypriot banking sector, which is about eight times the size of the economy.
The country's biggest lender, the Bank of Cyprus, will be radically restructured and Laiki Bank, the second largest, is set to close. The bank employs 8,000 people - a massive blow for a small country with a population of less than 1 million.
James Ker-Lindsay, Cyprus expert at the London School of Economics, said the whole economy will be affected.
"This deal has the potential to be completely devastating for Cyprus. The banks are a major part of the Cyprus economy," said Ker-Lindsay. "There is going to be a lot of businesses which will have lost money in all of this. This will trickle down through the economy. It will be absolutely enormous, the effects of this."
This EU/IMF deal differs from other euro zone bailouts because, instead of taxpayers footing the bill, depositors with large balances are bearing the costs. Cyprus academic Vassilis Monastiriotis said it is a major shift in euro zone policy.
1.strike a deal 成交
eg. CTF has just struck a deal with De Beers to market one of the diamond company's brands in its outlet in Changsha, the capital of Hunan province.
2.overhaul vt. 分解检查，大修；追上并超过
eg. Your car needs overhauling.
3.crippling adj. 造成严重后果的
eg. The American military presence on the islands had suffered a crippling blow.
4.trickle v. 滴；细细地流；慢慢地移动
eg. Tears were trickling down her cheeks.
5.take its toll 造成损失，造成伤亡
eg. After six weeks of uncertainty, the strain was beginning to take its toll.
6.restructure vt. 调整；重建；更改结构
eg. Our economy must be restructured as soon as possible.
7.trickle down 向下滴流
eg. Pete felt a bead of sweat trickle down his face.
8.footing the bill 负担费用，付帐
eg. Who's going to foot the bill for the damage?