But today, following Kevin O'Rourke, he's wondering if Cyprus's being in the Euro maintains any advantages (I wouldn't know what it takes to leave, and he isn't saying whether or not Cyprus should).

Having your own currency raises transaction costs and makes business more difficult; but giving up your own currency means that you have to adjust to overvaluation through deflation, which is much more costly than devaluation. At this point, however, Cyprus has made doing business very difficult via capital controls, while retaining its inability to deal with overvaluation via currency realignment. So it has created a pessimal currency area, offering the worst of both worlds.

And he's saying that Cyprus is facing a deep depression and asks: Is it worth it?