If you haven't seen the news, the government of Cyprus, with the complicity of the EU, decided to take 6-10% of any deposits in Cypriot banks to pay for another bailout. That is, if you had a savings account in a bank in Cyprus, you woke up with less money in it.
What were they thinking? Where was their moral justification? The only thing I can think is that there was none. And I mean none. This was simply an algebra problem to be solved, equating money taxed to some percentage of money received in a bailout:
ax + b = y."We need money. Hmm. There seems to be some deposited at the bank, let's take that." And so they did. That's it.
That's the scariest part of the whole thing to me. The resulting bank runs and chaos in Cyprus will provide a rational reason not to try it again, but there don't seem to be any moral restraints at all on the people in power.