Interesting question. Would have made a good leader in The Times or a similar newspaper!
I am at a loss to understand the financial and economic arrangements of the Eurozone (but then, I live in the UK!)
The amount of money that has been pumped into the various failing economies of smaller, European economies baffles me. It seems that there is a vicious cycle whereby billions are loaned to European economies, on the pretext that those economies will meet certain financial and economic targets. They then fail to meet those budgetary targets, so more money is loaned to them, on the understanding that they meet yet more targets, which they fail to meet (again) and so on . . .
This approach is pulling Europe apart and instilling the level of mistrust and scepticism seen here in the UK. The European leaders seem to continually be pouring good money after bad and lurch from one economic failure to another.
The only winners seem to be the Germans, whose power, influence and control seems to grow, as the European economic situation worsens. It seems ironic that, as the country defeated and ruined in 2 world wars, they should be the ones to emerge in the strongest position!
In my view, any pie that has the French and Italian fingers in it is doomed to failure and that includes the European policies on political reform, economic policy and trade policy. The whole Eurozone situation simply seems to be an attempt, by Germany, Italy & France, to manipulate the member states of the EU into a situation where they become one state, one economy and one set of laws and gain, in peacetime, what they never could achieve through their failed military attempts over the last few centuries.
So, no, I do not think the bureaucrats will allow Cyprus to collapse. That would not be in their agenda of building a super state and blindly lusting after power.