makes it controversial is that to keep the banks from collapsing, depositors in Cypriot banks will be charged with a one-off tax of 9.9 percent if you have over 100,000 euros in your account or 6.5 percent if you have less than that.

The levy is being called a "tax" but many Cypriot depositors are likely to see it as a stunning confiscation or a haircut.

There are fears that the impact of the deal will go beyond Cyprus, and disrupt stability in other peripheral countries, as folks wonder whether this really is a one-off.

Beyond that, this generally disrupts the flow of things since late last summer, when ECB generosity had been the tool to ease the Eurozone crisis.

Supposedly Germany had balked at giving Cyprus money unless there was this depositor tax, and had suggested that the alternative was for Cyprus to leave the Eurozone.