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| Cyprus bailout: how will it affect you? Open thread | |
| (35 minutes later) | |
| Cyprus reacted with shock on Saturday after a one-off levy on savings was forced on people without warning as part of a 10bn euro (£8.7bn) bailout. | Cyprus reacted with shock on Saturday after a one-off levy on savings was forced on people without warning as part of a 10bn euro (£8.7bn) bailout. |
| The latest proposal would see savers with less than €100,000 in the bank lose 3% of their deposits (down from 6.75% originally). Those with between €100,000 and €500,000 would lose 10%, as before, but savings of more than €500,000 would lose 15%. | The latest proposal would see savers with less than €100,000 in the bank lose 3% of their deposits (down from 6.75% originally). Those with between €100,000 and €500,000 would lose 10%, as before, but savings of more than €500,000 would lose 15%. |
| People rushed to banks and queued at cash machines that refused to release cash over the weekend. Cypriot banks remain closed for a bank holiday today, and could stay shut for several days until the situation is resolved. | People rushed to banks and queued at cash machines that refused to release cash over the weekend. Cypriot banks remain closed for a bank holiday today, and could stay shut for several days until the situation is resolved. |
| How has the levy affected you and what are your reactions? Share your experiences in the comment thread below | How has the levy affected you and what are your reactions? Share your experiences in the comment thread below |