Vladimir Putin blasts Cyprus savings tax ahead of vital vote A businessman passes before a share prices board in Tokyo this morning. The eurozone faces a new crisis, as the botched bailout of Cyprus sparks panic and alarm across the country, and sends stock markets falling sharply. The hugely controversial decision to force all savers in Cyprus to contribute to the bailout package by removing up to 10% of their deposits has been savaged all weekend. The latest reports from Cyprus are that the government could adjust the levy, reducing the impact on poorest savers, ahead of a crucial vote on the bailout this afternoon. Some commentators are predicting that savers in other troubled Eurozone countries could start withdrawing their savings, but several City analysts believe this is unlikely. There's widespread agreement, though, that savers' trust in the banking sector has been badly hurt by the decision to impose losses on savers - trampling over the principle that depositors should be protected in such circumstances. Cypriot banks are still closed for a bank holiday today, and could remain shuttered for several days until the situation is resolved. What's certain is that the crisis has jolted the financial markets. In Asia, the Japanese Nikkei has fallen by 2.7%, its biggest drop since last May. The euro has also fallen sharply, dropping almost two cents against the US dollar to $1.2885 - its lowest level of 2013. European stock markets are expected to share in the sell-off when trading begins at 8am, with traders predicting losses of around 2%. We'll be covering all the latest developments through the day.