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UK customers escape bank levy

Around 15,000 savers in the UK arm of stricken Cypriot bank Laiki will see their deposits protected under British rules and will escape the Cyprus banking levy.

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Cypriot president addresses nation over banks crisis

The president of Cyprus has said he is trying to amend a detested bailout plan that would tax bank deposits across the country to reduce its effect on small savers.

President Nicos Anastasiades addresses Cyprus. Credit: RTV

Among those who would be affected by the plan are British ex-pats and British service personnel - although the UK Government has said British forces would be compensated for any losses.

In a nationally televised speech, President Nicos Anastasiades also urged lawmakers to approve the bailout plan Monday, saying it is essential to save the country from bankruptcy.

"I completely share the unpleasant sentiment that this difficult and onerous decision has caused," he said.

"That's why I continue to give battle so that the decisions of the eurozone are amended in the next hours to limit the effect on small depositors."

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