Not saying Cyprus is innocent, nor the banks. But if someone orders a murder, you arrest the hitman, AND the guy who hired him.
If you had a wound and waited until your leg is gangrenous, will you blame surgeon when you lose your leg?
Your leg was lost before surgeon cut it. Surgeon just makes sure that you do not die due to infection. Being without a leg surely sucks, but sepsis is worse.
Really, Cyprus was free to not accept the deal and go through process of liquidation...