The big news today is that to bailout Cyprus, the country will impose a 10 percent tax on people with over 100K EUR in Cypriot bank accounts.
Those with less than 100K will pay less of a tax.
Banks are closed until Tuesday (there's a holiday on Monday) but people are already lining up at ATMs, trying to take money out.
AP
People queue to use an ATM machine outside of a Laiki Bank branch in Larnaca, Cyprus, Saturday, March 16, 2013. Many rushed to cooperative banks which are open Saturdays in Cyprus after learning that the terms of a bailout deal that the cash-strapped country hammered out with international lenders includes a one-time levy on bank deposits. The move, decided in an extraordinary meeting of the finance ministers of the 17-nation eurozone in the early hours Saturday, is a major departure from established policies. Analysts have warned that making depositors take a hit threatens to undermine investors' confidence in other weaker eurozone economies and might possibly lead to bank runs. (AP Photo/Petros Karadjias)
![People In Cyprus Lining Up At ATM To Withdraw Cash Before Stunning Tax On Depositors [PHOTO]](/_next/image?url=https%3A%2F%2Fstaticbiassets.in%2Fthumb%2Fmsid-21250100%2Cwidth-700%2Cresizemode-4%2Cimgsize-27698%2Fpeople-in-cyprus-lining-up-at-atm-to-withdraw-cash-before-stunning-tax-on-depositors-photo.jpg&w=3840&q=75)
