Remember just a couple of weeks ago optimism seemed to be in the air?
Well, if you're a saver in Cyprus who faces, potentially having 10 per cent of your savings whipped away from you to bailout the country, those positive feelings will be long gone.
And the fundamental principle that normal savers' money would be protected as politicians and policy makers around Europe untangled the mess, has been totally undermined.
Officials are keen to suggest that Cyprus is somehow a special case, the amount of cash in its banks held by Russian money launderers somehow makes the fact that the government is proposing reaching into ordinary people's bank accounts and removing large amounts of their cash more acceptable.
But with bank shares across Europe falling this morning, the fear is inevitably, that this may not be a special case, and similar attempts could be made in other Euro countries in trouble.
Savers in other countries might be safer putting their money under their mattress, leading to bank runs.
Just days before the Budget, this is a timely and risky reminder that the very profound problems in the eurozone, our most important economic partner, are very much unsolved.