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Angry Cypriots demonstrate against bank savings tax

Audio 05:49
Reuters/Yorgos Karahalis

Hundreds of furious Cypriots have protested outside parliament against a tax on their savings imposed under an EU bailout deal. They accused eurozone creditors of treating them like "guinea pigs" for a levy, which is unprecedented in the country's history. Accounts of more than 100,000 euros will be hit with a 9.9 per cent charge, while smaller accounts are to be taxed at 6.75 per cent. Nicos Trimikliniotis, an analyst in Cyprus, explains the impact of the new tax.

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