1. National

'60% levy' possible in Cyprus

Savers with the Bank of Cyprus could be given shares in the bank, a source close to the negotiations has told the news agency Reuters as some initial details of the euro bail out are released.

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  1. Emma Murphy

Cypriot patience is sure to be tested

The banks have now closed after just six hours of trading and the Cypriot president today praised his people for their maturity and collectedness, in the face of everything they have faced over the past weeks.

However the patience of this very patient nation is likely to be tested in the days ahead. The restrictions that have been put in place were supposed to only be there for seven days - we now understand they will stay in place for at least a month.

That is going to have a very serious affect on the economy and the people trying to make a living within it.

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