Cyprus bailout: Your stories
- 17 March 2013
- From the section Europe
Eurozone finance ministers have agreed a 10bn-euro (£8.7bn) bailout package for Cyprus to save the country from bankruptcy.
For the first time in a Eurozone bailout, those with savings are now facing a levy on their money.
BBC News website readers in Cyprus have been sharing their concerns on the news.
Alan and Janet, from Cyprus
This is robbery and we must get the EU to stop this. We retire and bring our savings to a bank in Cyprus and they can just take our money away without permission and then say we have shares in a bankrupt bank.
Cyprus is finished, is crooked and illegal. Anyone thinking of coming, go back and take your life, your holidays and your family somewhere else!
We had a government guarantee on this money we'd invested and now as pensioners, how can we possibly recoup this money? It's currently a holiday weekend here and ATMs aren't working, so people aren't able to take money out. It's as if the money has been locked down.
By all means the rich developers in this country can afford to pay but us expats should be excluded from this as our savings have nothing to do with the general economy as we already give money to Cyprus both in taxes and in buying things to live.
We take nothing from the state. Two weeks in government and this is what they do to us pensioners from the UK. How can the UK government support stealing from its citizens? Cameron and Clegg must step in and do something. My wife and I are currently creating an e-petition on the Number 10 website to draw attention to what's going on here.
Maria Zembyla, from Nicosia, Cyprus
It is robbery! People like us have been working for years, saving to pay for our children's studies and pensions and suddenly they steal a big share of this money.
I was shopping this morning when my husband told me the news, I thought it couldn't be correct. We've been watching the news all morning and will continue to do so throughout the day.
This decision will make a big dent in our savings, but worse than that, it will have a huge effect on the economy of Cyprus.
It will erode the investor confidence and money will leave Cyprus. Russians that currently keep the economy afloat will leave the country along with their money. Add to that increased corporate taxes and Cyprus is dead as a corporate service centre. Confidence in the Cypriot economy will evaporate.
Christos Koukides, from Limassol, Cyprus
The joke is that our politicians up until 24 hours ago were assuring us that there is absolutely no possibility for any levy on our deposits.
The whole thing looks like a plot. The previous government didn't take a decision, so as not to take the blame. The new government makes a decision and blames the previous government and will say "sorry people we had no room to negotiate, but it's not our fault" and everything is thrown upon us on the Friday night before a three-day weekend.
It feels like the people have to pay for the mistakes of the politicians and the banks. We work hard and earn our money and are forced to make up for the mistakes of others.
The feeling within the Cypriot people is that the game is about who is going to get hold of the natural gas resources that have been found in the Cypriot sea bed.
At the end of the day, we as a small country do not have a say for our future, others decide for us. Whoever was in power didn't have any option really. The Cypriot president was given orders he had to follow.
We will survive. Cyprus, with its entry in the EU, has safeguarded its future as a free country in the European political arena and if this is a price we have to pay then my opinion is that we have to do it - and pay. However the feeling of disappointment is overwhelming at the moment.
Howard Skelton, from Limassol, Cyprus
This is too little too late. Most wealthy Cypriots have moved their money out of Cyprus where they feel it is safer and it cannot be taxed.
I've been affected by the economic trouble as have most people on the island but it is not stopping the continuance of a massive 'black economy'. Cash rules in Cyprus. People only want cash! On the property front I have seen my own property devalue by 40% since 2009.
Corrupt banks and the Land Registry that colludes with the banks has left many property owners unable to get their title deeds. In many cases the owners are being held to ransom by the banks to repay the developers loans that have been taken to fund the said developments.
The only people who will benefit in the long term are the banks. It will be many years before the man in the street begins to feel any benefit from this bailout. The sooner I can return to the UK the better.