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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  1. Emma Murphy

Cypriots fear impact of bailout 'taking from the rich'

People I've spoken to (in Nicosia) are extremely relieved that (the Cyprus bailout) deal has been done, but are fearful now for the future.

The head of the Cypriot finance committee said this morning he expected the economy to retract by around 10 per cent.

Though it is easy to think the small savers and normal people have been protected in this deal, the richest losing significant deposits is going to have a knock-on (effect) right the way down the money chain.

The people who are likely to suffer extremely badly are those on low-paid jobs, now waiting to see if there will be enough money in this economy to keep them paid and in work.

People are genuinely fearful that taking from the rich, as it is seen here, is also going to very seriously affect the poor.

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