In Cyprus the Laiki Bank was shut down and the bank of Cyprus was restructured by the govt. Deposits above the insured amount of e 100,000 was transferred to a bad bank where the chance of recovering any sum was next to impossible. At the bank of Cyprus, the meat cleaver was applied with deadly effect: around 47.5% of the uninsured deposits over Euro 100000 were used to recapitalize the bank.9 Financial commentators whose humour was on the dark side called it the Cyprus haircut. Some called it a bail-in. Others called it simply an officially sanctioned theft.