Cyprus people ‘shocked’ with bailout terms

Cypriot President Nicos Anastasiadis is holding consultations with Ministers and lawmakers about the terms of the 10bln-euro bailout offered by the European Union, the European Central Bank and the International Monetary Fund.

According to European papers, Cypriots and Cyprus-based expats are shocked over a demand to tax deposits in Cypriot banks. The EuroGroup believes this can annually raise up to 5.8bln euros for the Cypriot treasury.

Officials say many of the bank accounts have already been frozen.