The Cypriots argue that the bailout would end up undermining a key sector of the economy.
This time the Turkish-Cypriots are fighting not against their old enemies, the Greek-Cypriots, but among themselves.
Today Greek and Turkish Cypriots live in peace but are divided by bitter memories.
Tens of thousands of Greek-Cypriots who were uprooted by fighting in 1974 would regain their homes.
ECONOMIST: After years of stale rows, the island needs fresh air
Cypriots are angry at a planned one-off levy of up to almost 10% on savings.
BBC: MoD flies emergency cash to Cyprus for British personnel
But Cypriots are also discussing and arguing about the long-term effects of the bailout.
CNN: Fear, despair as bailed out Cyprus faces uncertain future
But the proposal ignited fierce anger among Cypriots because it also targeted small savers.
If the levy goes ahead, it will affect many non-Cypriots with bank accounts, including UK expatriates.
Mr Denktash is firmly against Greek Cypriots returning to live in the Turkish zone.
Many Turkish-Cypriots have left for a better life in Britain, one-time ruler of the island.
Since 1974, the once-prosperous Turkish-Cypriots have grown steadily poorer while Greek-Cypriots have grown richer.
It was a functional federation in the form of a partnership republic of Turkish-Cypriots and Greek-Cypriots.
The Cypriots are desperate to protect their financial sector, which is so important to the island's economy.
This is the nub of Cypriots' hard feelings about this week's bank overhaul, whatever its other merits.
Should Turkey fail to open its ports and airspace to the Greek-Cypriots, its own membership talks may stall.
And finally, yes, of course there is a Tumblr of photographs of Cypriots queuing at cash machines.
FORBES: Links 18 March: After 48 Hours Near No One Likes The Cyprus Bail Out
Turkey blames the EU for letting in Cyprus before ending the island's division between Greek and Turkish Cypriots.
Demilitarisation is also awkward: Greek Cypriots do not like the presence of 30, 000-35, 000 Turkish troops in northern Cyprus.
But that is what Cypriots believe and none of us is going to persuade them of the contrary.
Mr Clerides has his work cut out to persuade his own Greek Cypriots to make the necessary concessions.
Although most Turkish Cypriots surely back him, he depends increasingly on the votes of settlers from mainland Turkey.
Second, the Turkish prime minister, Recep Tayyip Erdogan, must find a way of talking directly to the Greek-Cypriots.
ECONOMIST: Northern Cyprus's new president: Enter Eroglu | The
Far more worrying is the absence of pressure for a deal among Greek-Cypriots.
Just outside the parliament building, hundreds of Cypriots protested the plan, and saw the vote as calling Europe's bluff.
Already, some 40, 000 Turkish-Cypriots have taken Greek-Cypriot passports, and another 40, 000 are waiting.
All told, Turkish Cypriots now number around 200, 000 to the 600, 000 Greek Cypriots.
Yet the Turkish-Cypriots still voted for it by a substantial majority for the sake of peace in the island.
As soon as returns on shares started looking decent, ordinary Cypriots piled in.
Experience suggests that the Greek-Cypriots and Turkish-Cypriots will not solve their conflict alone.
ECONOMIST: Northern Cyprus's new president: Enter Eroglu | The
The EU is largely hamstrung because the Turkish-Cypriots see it as tainted by the membership of both Greece and Cyprus.
应用推荐