Cyprus parliament postpones debate on bailout

According to Cyprus's state media, the parliamentary debate and the presidential address on the bailout will take place tomorrow instead of today.

The deal reached with the EU and IMF on Friday has provoked public anger because it would impose a levy on bank deposits of up to 10%, but the President said that refusing the bailout would lead to the collapse of the country's banks.

According to BBC, worried investors have been queuing outside banks to withdraw their savings from cash machines.

The €10 billion deal agreed by the EU and IMF marks a radical departure from previous international aid packages. Under its terms, people in Cyprus with less than 100,000 euros in their accounts would have to pay a one-time tax of 6.75%.

Those with sums over that threshold would pay 9.9% in tax.