Britons and Cypriots living on the Mediterranean island reacted with fury after a planned Government raid on accounts was announced on Saturday as part of the £8.7 billion bail out to save the economy.
The unprecedented move will see 6.75 per cent taken from any funds of less than 100,000 euros (£86,500) and 9.9 per cent from sums above.
Cash machines in the country are running dry amid panic over the levy and fears that banks may remain closed until the bail-out is finalised later in the week.
George Osborne, the Chancellor, yesterday pledged to compensate thousands of British soldiers and civil servants based out there for any money they lose.
But some 59,000 other expats will not be protected and could lose up to £170 million between them. Watch video...
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The unprecedented move will see 6.75 per cent taken from any funds of less than 100,000 euros (£86,500) and 9.9 per cent from sums above.
Cash machines in the country are running dry amid panic over the levy and fears that banks may remain closed until the bail-out is finalised later in the week.
George Osborne, the Chancellor, yesterday pledged to compensate thousands of British soldiers and civil servants based out there for any money they lose.
But some 59,000 other expats will not be protected and could lose up to £170 million between them. Watch video...
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- Tony Robinson: Are bankers human at all?
- Put bankers in the dock!
- Wall Street execs should face criminal consequences...
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