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People in Cyprus have reacted with shock to news of a one-off levy of up to 10% on savings as part of a 10bn-euro (£8.7bn; $13bn) bailout agreed in Brussels.
Savers could be seen queuing at cash machines amid resentment at the charge.
The deal reached with euro partners and the IMF marks a radical departure from previous international aid packages.
The country has been in financial difficulties since the collapse of the Greek economy, where Cypriot banks had huge investments.
People in Cyprus with less than 100,000 euros in their accounts will have to pay a one-time tax of 6.75%, Eurozone officials said.
Those with greater sums will lose 9.9%.
Cypriot bank officials quoted by AP news agency said depositors could access all of their money except the amount set by the levy.
Co-operative banks, the only ones open in Cyprus on Saturday, closed after people started queuing to withdraw their money.
"This is robbery and we must get the EU to stop this," Alan, a British expatriate saver in Cyprus, told BBC News.
Originally posted by merkins
reply to post by coldkidc
Tax? They're even trying to avoid using that term. But you are absolutely right a levy is most definitely a tax.
It's absolutely sickening when you know the entire financial system is a fraud, the debts aren't real and are the banks debts anyway, not an nations. But the sheep in many countries an mot certainly here in the UK can no longer even connect the banking fraudulent collapse of 2008 with the current austerity measures. Their attention span is so short. This is why I think the gloal revolution against the banksters will either have to begin in the US, France, or Scandanavia. Theres no hope in hell the British will wake up......well not unless the price of milk goes up too much.