Peter, in principle you make a couple of good points, but Iceland was different; the g'ment was bust and refused to pay creditors.
I don't think that depositors are gambling or being greedy if they simply want somewhere 'safe' to put their money.. just sensible. Cypriot banks have been in a race for the past couple of years to generate Tier One capital (liquid money) in order to meet EU banking regs. Even the investors aren't being greedy; the relationship is calculated, mutually dependent and mutually beneficial.
The Popular Bank was almost nationalised last year because it was falling behind and ran the risk of going into default. Are people being greedy or are they not being stupid? If a bank funds are guaranteed, why would you put them with a bank that is paying less? Especially important in an uncertain economy like Nicosia's.
Savers haven't 'lost' their money, they simply exchanged part of their savings for shares - a moot point, I accept.