Cyprus - a mini-update

This jumped out at me from a story on the Cyprus banking crisis:

With just 860,000 people, Cyprus has around 68bn euros (£57bn) in its banks.

This outsized financial system attracted deposits from foreigners but has struggled since investments in neighbouring Greece went sour.
 

A little quick math and conversion from pounds to dollars tells me that the banks in Cyprus have deposits equal to $100,000 for every man, woman and child in the country.   That's far more than the actual economic activity in Cyprus would suggest.

And what that tells me is that the banks in Cyprus are likely involved in massive money-laundering for nefarious interests in the Middle East and Russia.  

I'm just sayin'.   This could get ugly and strange (but mostly ugly).