Photo: Flickr/Glen Bowman
The big news today is that the EU and the IMF have announced a bailout for Cyprus that involves a tax on all depositors.By the time the banks open on Tuesday, anyone with over 100K eur in the bank will see their holdings clipped by 10%. Those with under 100K get a smaller tax.
According to Reuters, there are already people lining up to try to get their money out.
But on the Mediterranean island, initial incredulity at the decision gave way to anger.
Co-op credit societies, normally open on Saturdays, were shut for business in the coastal town of Larnaca as depositors started queuing early in the morning to withdraw their cash.
“I’m extremely angry. I worked years and years to get it together and now I am losing it on the say-so of the Dutch and the Germans,” said British-Cypriot Andy Georgiou, 54, who returned to Cyprus in mid-2012 with his savings.
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