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Anger as Cypriots wake up to savings grab

Cypriots have reacted angrily to news that a one-off levy would be charged on all bank deposits as part of a €10bn bailout deal agreed in Brussels with international lenders.

(...)

But on the streets of Nicosia, hundreds of people gathered outside branches of Cyprus's co-operative banks, which normally open on Saturdays, after emptying ATM machines of cash at the start of a three-day holiday weekend.

"They've cheated us, they said they'd never allow a haircut on deposits," said Andreas Efthymiou, a taxi driver, referring to a government pledge to seek alternative ways of rescuing the island's banks.

Christos Pappas, a financial services worker, said: "I tried to transfer cash online as soon as I heard the news, but the account had already been blocked."

(...)

There were fears of a run on deposits by Russian, Greek and British account-holders who are estimated to control almost half the €68bn of deposits in the Cypriot system when the system reopens.



Wind power
by Jerome a Paris (etg@eurotrib.com) on Sun Mar 17th, 2013 at 09:52:36 AM EST

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