The euro was created out of a socialist dream. They wanted to do away with national borders and create a single economy. Then they ran out of money and what were they to do now? They had to find money somehow.
So, the IMF closed the banks, and and suggested that all deposits be looted. The Cypriot politicians realizing that such an action would lead to mass revolt and likely hangings of the current politicians, resisted. Then the IMF came up with a different plan that didn't involve asking for permission from the Cyprus politicians. So after over 1 week, the banks granted limited access to thelocals, allowing them to withdraw no more than 300 euros per day. Furthermore, they cannot leave the country with more than 1000 euros. Essentially the local population is hostage.
So how is that socialism working out for you? Look below to see socialism for what it is, without any pretense. The democrats in office are basically all socialists. See them for what they really are. They are thieves and thugs.