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The president of Cyprus has been trying to fend off an angry backlash over a $13bn bailout for the banks.
Banks were closed over the weekend and cash machines switched off to prevent people withdrawing their savings or using digital transactions. With a bank holiday on Monday this will come into effect on Tuesday.

Under the deal, savers will be forced to hand over up to ten percent of their money in a one-off levy.

Al Jazeera's Gerald Tan reports.

Think it won't happen here? Think again!

Lines formed at ATMs as people scrambled to pull their money out
Word spread that rescue package included a one-off levy on deposits

Restrictions stopping people emptying accounts or moving money abroad

Up to 3,000 British service personnel are based on the bankrupt island

President Nicos Anastasiades agreed to raid with European finance chiefs

Said country in 'state of emergency' and not acting would be 'catastrophic'

But expats accused the island of 'plain theft' as violent protests sparked

Britons have around £1.7b of deposits on island and could lose up to £170m

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Up to 60,000 British savers are to lose thousands of pounds each after European finance chiefs ordered an unprecedented raid on personal bank accounts.

Expats and UK troops based in Cyprus will have their savings decimated as part of a painful bid to bail out the bankrupt island.

Britons have about £1.7 billion of deposits in Cyprus and could lose up to £170 million.

Panic: A move by Cypriot authorities that could see up to ten per cent of bank deposits seized to bail out the bankrupt sparked panic and violent protests. One disgruntled customer parked a bulldozer in front of a bank in the coastal town of Limassol in protest

The Cypriot government has agreed to seize up to ten per cent of savings and use the money to bail out the island's crisis-hit banking system.

The move sparked panic and violent protests yesterday as crowds desperately tried to withdraw their money at cash machines.

Restrictions have been imposed to stop people emptying their accounts or moving their money out of the country following the

deal with other eurozone finance ministers, under which ordinary citizens' deposits will be directly raided for the first time.
Furious: Shirley Brooks, 61, who is originally from Manchester, said she stands to lose ¿18,600 of her retirement money

Furious: Shirley Brooks, 61, who is originally from Manchester, said she stands to lose ¿18,600 of her retirement money

One furious expat said: 'This is plain theft. I'd love to hear someone explain to me why it isn't.'

Read more: http://www.dailymail.co.uk/news/article-2294388/ATMs-emptied-Cyprus-savers-learn-10billion-euro-bailout-agreement-includes-levy-bank-accounts.html#ixzz2Nmae1JSN
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