Eurozone finance ministers reached a last minute deal to grant Cyprus a $13 billion bailout early this morning. Those with large deposits in Cypriot banks could be hit will a tax of 30 percent in order to help fund the bailout.
The European Central Bank has given the Cyprus just a few days to come up with a new bailout deal after the Cypriot parliament rejected a controversial tax on bank deposits as part of its original bailout plan.
Later today, the government of Cyprus will vote on a controversial bailout plan which would tax bank deposits up to 10 percent. The BBC's Nigel Cassidy in Cyprus discusses public reaction to the plan and whether the government will actually pass the measure.
Financial markets in Asia and Europe fell sharply today thanks to the unusual terms of the EU bailout of Cyprus. A tax of up to 10 percent on bank deposits in Cyprus was proposed to defray some of the cost of the bailout.