When the $hit hit the fan here in Ireland, we'd no shortage of experts both inside and outside Dail Eireann telling us what should be done. While most of these solutions could neither be proved nor disproved at the time, Cyprus's current difficulties clears the air in a few areas that were pushed by Fine Gael, Labour, Sinn Fein, Shane Ross and various pop economists at the time of the bailout.
Burn the bondholders. Cyprus are in the situation they're in because Greece's bondholders got burned which, in turn, led to the Cypriot banks becoming insolvent. Because the Irish banks relied far more heavily on bonds than on deposits for the financing requirements, the fallout from an Ireland burnout would have been way more catastrophic and, while the brunt of the effects may have been heaviest in Britain and Germany, we would have been right royally screwed ourselves as a result.
Tell the EU to fukk off. Cyprus did and it got them nowhere. After just a few days, they're back to square one with their tails between their legs.
Okay, a lot of this may seem unfair to smaller economies but, hey, that's life. When your back is to the wall, the guy with the money has you by the short and curlys and your only way out is to swallow your pride and make the best of a bad situation. Some day, the boot may be on the other foot.