Cyprus president Nicos Anstasiades has taken a 25 percent pay cut as the country's financial woes continue. Restrictions on cash withdrawals are also expected to continue for some time.
Europe Correspondent Emma Murphy reports:
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Shadow chancellor John McDonnell has backed a free vote for MPs on the issue.
Savers into the new scheme can expect rates as high as 4 per cent from some banks.
Very windy with gales possible