Anger as Cypriots wake up to savings grab A Russian bank is advertised on a road in Limassol. Cyprus is a favourite destination for Russian money Cypriots reacted angrily on Saturday to news that a one-off levy would be charged on all bank deposits as part of a €10bn bailout deal agreed in Brussels with international lenders. Hundreds of account-holders gathered outside branches of Cyprus co-operative banks, which normally open on Saturdays, after emptying ATM machines of cash at the start of a three-day holiday weekend. "They've cheated us, they said they'd never allow a haircut on deposits," said Andreas Efthymiou, a taxi driver, referring to a government pledge to seek alternative ways of rescuing the island's banks. Christos Pappas, a financial services worker, said: "I tried to transfer cash online as soon as I heard the news, but the account had already been blocked." Account-holders will see deposits above €100,000 slashed by 9.9 per cent before banks reopen on Tuesday. Smaller deposits will be cut by 6.75 per cent. The levies would raise €5.8bn to help pay for a bank rescue covering the bulk of the bailout package. A government spokesman urged Cypriots not to panic, saying: "This decision is harsh but without an agreement it would have been tragic . . . s a choice between losing 6.75 per cent on Tuesday or losing everything." Depositors would be compensated with "shares in banks equal to their losses and in other ways" once the island's lenders had been recapitalised, the spokesman added. President Nicos Anastasiades called an meeting of political party leaders on Saturday evening, seeking a consensus on the bailout terms. Parliament was expected to hold an emergency session on Monday to legislate the bailout deal. I tried to transfer cash online as soon as I heard the news, but the account had already been blocked Christos Pappas, financial services worker Yannis Stournaras, Greek finance minister, said depositors holding funds in Greek branches of Cypriot bank would not be affected. The Greek networks of Bank of Cyprus and Laiki (Popular) Bank, the largest Cypriot banks, would be split off from the parent banks and transferred to a Greek state bank, perhaps as early as Tuesday. There were fears of a possible run on deposits by Russian, Greek and British account-holders who are estimated to control almost half the €68bn of deposits in the Cypriot system when the system reopens. "Everyone concerned needs to be fully informed so that they can take appropriate decisions," said Yannis Kypri, chief executive of Bank of Cyprus, the island's biggest lender, ahead of an emergency meeting of senior bankers with Panicos Demetriades, the central bank governor.