Cyprus ' president has agreed to an EU rescue package that would see bank deposits taxed . The Cypriot government is in talks with the European Commission and International Monetary Fund (IMF) over a bailout deal which could save it from bankruptcy, but will also mean higher taxes for ordinary Cypriots. This would mean depositors will lose access to their deposits , and a large number will face significant losses , he said . The Eurogroup predicts that Cyprus ' public debt will reach 100 % of GDP in 2020 . There has been a run on ATM machines since the proposed measures were announced .
Cyprus ' president has agreed to an EU rescue package that would see bank deposits taxed . The Cypriot government is in talks with the European Commission and International Monetary Fund (IMF) over a bailout deal which could save it from bankruptcy, but will also mean higher taxes for ordinary Cypriots. The Eurogroup predicts that Cyprus ' public debt will reach 100 % of GDP in 2020 . There has been a run on ATM machines since the proposed measures were announced .