I know what you meant. I can't see how that option could be open to Cyprus given that the 100k deposit protection scheme is supposed to guarantee securtity for all investors below that amount, which would be the vast majority I'm sure.
IIRC Iceland has repaid much of the debts owed but is doing so at its own pace.
http://uk.reuters.com/article/2013/0...90R0I720130128