Cyprus's last-minute bailout deal highlights the vulnerabilities in the island nation's financial system, as well as the flaws in the eurozone's ability to effectively respond to banking crises, says CFR's Robert E. Rubin.

Eurozone finance ministers gave this statement on March 25, 2013, upon reaching a deal to provide ten billion euros to prevent bankruptcy in the Cyprus's banking system.

Once fear reaches a critical mass, people will act, and then a bank run becomes a self-perpetuating process. There has been a lot of complacency about the eurozone crisis in the past eight months.

Listen to Ahmet Davutoglu, minister of foreign affairs, Republic of Turkey, talk about the direction of his country's foreign policy.

Watch Ahmet Davutoglu, minister of foreign affairs, Republic of Turkey, talk about the direction of his country's foreign policy.

Ahmet Davutoglu, minister of foreign affairs, Republic of Turkey, talks about the direction of his country's foreign policy.

Watch Markos Kyprianou, Foreign Minister, Republic of Cyprus, discuss efforts in his country to forge a final resolution on the question of reunification.

Listen to Markos Kyprianou, Foreign Minister, Republic of Cyprus, discuss efforts in his country to forge a final resolution on the question of reunification.

The Congressional Research Service has a released a report on Cyprus and the status of U.N. Negotiations to unite the Greek and Turkish zones into a federal republic.

Cyprus' parliamentary elections are the first since the 2004 referendum on Kofi Annan's plan for reunification was voted down, and the first since the country's accession to the EU that same year. These elections differ further in that some Turkish Cypriots have registered to vote, and a Turkish Cypriot is running for office.