It's more like a third than a half. And letting the banks fail would do the island more of a favour in the long run since continued propping up just facilitate

It's more like a third than a half. And letting the banks fail would do the island more of a favour in the long run since continued propping up just facilitates more wealth redistribution through huge, unmanageable debts to the IMF. Not the first (or last) time the tiny nation of Cyprus has been given the shakedown by the big boys :(