Britons hit by Cyprus bailout deal
While the UK government has pledged to compensate British troops and government workers who will lose savings as a result of a bank levy in Cyprus, other Britons are set to lose thousands in the EU bailout deal.
Under the terms of the bailout deal, bank account holders in Cyprus with up to 100,000 euros would pay a one-off levy of 6.75%; higher deposits would suffer a 9.9% levy.
Here, British people caught up in the events give their stories and views.
Sue Hall, business owner
I have a wedding company in Cyprus and my company deposit account contains deposits for weddings to be held this year and next.
I assume this money will be subject to the 6.75% deduction as will my personal accounts. What am I supposed to tell my brides?
We have a dilemma, it's a difficult one. Either we ask them for more money or we have to take the hit. Neither's ideal.
It's a bank holiday here, so it's obviously been engineered. It's a set up, I think. They've already frozen transfers.
I think it's extremely unfair. I don't see why they've singled out Cyprus?
I have already absorbed a 2% VAT increase without passing it on, I can't afford another 6.75%. The EU are crazy to do this, I don't think they realise the knock-on implications as no one will trust the banks again.
You do ask yourself 'will they do it again?'
It may ultimately bring the Euro down, although I won't be sorry to see it go as it has brought nothing but misery and poverty to millions of Europeans.
Things are already tough here, to penalise people and businesses like this is bound to result in business failures and yet more unemployment.
Lynn Burton, holiday home owner
We have had a holiday home in Cyprus for the last six years and enjoy frequent holidays when we and our family spend our savings in Cyprus.
We are appalled by the fact that money that we have consistently saved, in what we hoped was going to be our retirement country, will now be eroded by as much as 8,000 euros across the different banks where we have savings.
We have always been assured we would be covered by the bank compensation, which is why we spread our savings across a number of banks.
We are now having to make a decision as to whether we change our plans against becoming expats in Cyprus. I'd retired in readiness for moving out there, but this is making us think again really seriously.
Our knee jerk reaction was to fly to Cyprus and withdraw savings that we still have immediate access to but banks will not be open until Tuesday and by then it will be too late.
This is now compounded by the fact that the UK government is stepping in to help troops and government workers but not English people who have homes in Cyprus.
To say that this is all immoral, when we are supposed to be covered by compensation, is a loose statement. We are utterly disgusted and gutted.
Sarah Fenwick, editor Cyprus News Report
The main reaction - the honest, and direct reaction - I would say has been on Facebook where you see many, many ex-patriots complaining about the loss of their savings.
Basically they feel sandbagged, they feel ambushed and they have the same feelings as the local Cypriot population and many companies that have deposits in Cyprus.
There are indications that many people are preparing to withdraw their funds from local banks and to remove them from the island altogether just in case this happens again in the future, but President Nicos Anastasiades is arguing that once this is done, once people bite the bullet, it won't happen again because the financial sector and the state sector will be stabilised.