When is a euro not a euro? When it's in Cyprus

Capital controls in Cyprus have been renewed for a further 28 days. These "temporary" controls were introduced in March. Authorities then said that they may last as little as a week.

The sceptics disagreed, and 155 days later, they're still in place. It's a similar situation to the one in Iceland, where "temporary" controls have remained for over half a decade.

A euro in Cyprus is no longer worth the same as a euro in Germany, as Cypriots can not use their euros there freely.

While Cyprus may not have formally left the euro, it is only a matter of time that it does or the euros will simply leave Cyprus when capital controls are (eventually) loosened.