"Democracy" has always been a fiction in the developed world, of course, despite what we are propagandized to believe. The idealized form of representative government, whether on the anachronistic and increasingly nonfunctional model of the United States or on the more usual (but also dysfunctional) European parliamentary model, was never meant to be particularly democratic, and in the case of the American model, it was never meant to "represent" everyone. In fact, it is purpose-designed to exclude vast swaths of the population and their interests from representation, even as it undergoes centuries of modification to expand representation.
For some time now, we've been in a situation in which a certain privileged segment of the population has quite consciously and successfully placed itself outside the confines of responsibility, accountability and law, while it has more and more successfully taken economic -- and in some aspects, political -- control of nation after nation.
The latest being Cyprus.
If the financiers who are pulling off these deals were half as smart as they think they are, they would know full well that continuing to foul their nests as they have been doing is not going to end well. For them.
On the other hand, they really seem to relish the suffering of the People under their austerity lash, so there is that.
A moment's pleasure before the fall.