Anger and shock sweep Cyprus

Cypriots hold placards during a protest against an EU bailout deal outside the parliament in Nicosia on March 18, 2013.

Imagine you wake up in Nicosia, Cyprus  Saturday morning, you take a quick look at the headlines and realize you're about to have 3, 6, or maybe 10 percent less money in the bank.

That's pretty much what happened to 70-year-old Andreas Moyseos. He was hit with the news over the weekend that the Cypriot government planned to take a percentage of the savings in his bank account.

Moyseos is a retired electrician and now lives on retirement benefits. The tax -- should it go through -- will amount to about $4,000 of his own money.

"My first reaction was anger. I don't think this action is correct. It will not correct the economy. It will create more problems. I thinks it's a robbery this kind of action," said Moyseous.

About the author

Kai Ryssdal is the host and senior editor of Marketplace, public radio’s program on business and the economy.

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