People In Cyprus Lining Up At ATM To Withdraw Cash Before Stunning Tax On Depositors [PHOTO]

The big news today is that to bailout Cyprus, the country will impose a 10% tax on people with over 100K EUR in Cypriot bank accounts.

Those with less than 100K will pay less of a tax.

Banks are closed until Tuesday (there’s a holiday on Monday) but there’s already people lining up at ATMs, trying to take money out.

cyprus ATMPeople queue to use an ATM machine outside of a Laiki Bank branch in Larnaca, Cyprus, Saturday, March 16, 2013. Many rushed to cooperative banks which are open Saturdays in Cyprus after learning that the terms of a bailout deal that the cash-strapped country hammered out with international lenders includes a one-time levy on bank deposits. The move, decided in an extraordinary meeting of the finance ministers of the 17-nation eurozone in the early hours Saturday, is a major departure from established policies. Analysts have warned that making depositors take a hit threatens to undermine investors’ confidence in other weaker eurozone economies and might possibly lead to bank runs. (AP Photo/Petros Karadjias)

Photo: AP

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.