Financial crisis hits Cyprus

Cyprus Central Bank Governor Panicos Demetriades makes statements outside the presidential palace in Nicosia after the European Central Bank threatened to cut off funding to the islands' cash-strapped banks if a program is not agreed by Monday with the EU and the IMF. Photograph: Yorgos Karahalis/Reuters

Eurogroup Chairman Jeroen Dijsselbloem testifies before the Economic and Monetary Affairs committee at the European Parliament in Brussels. Large depositors in Cyprus' troubled banks must pay more towards an international bailout for the Mediterranean island to avoid placing an unfair burden on small savers, Mr Dijsselbloem said after Cyprus voted against the terms of an EU-IMF-ECB proposal. Photograph: Yves Herman/Reuters

People queue up to make a transaction at an ATM outside a branch of Laiki Bank in Nicosia as Cypriot politicians search desperately for a "Plan B" to find billions of euros to clinch a European Union bailout and avert a financial meltdown after parliament rejected a bank deposit levy. Photograph: Yorgos Karahalis/Reuters

International Monetary Fund (IMF) mission chief Delia Velculescu arrives for a meeting with Cypriot president Nicos Anastasiades (not pictured) at the presidential palace in Nicosia. Cyprus's finance minister pleaded with Russia for help to avert a financial meltdown after the island's parliament rejected the terms of the European bailout. Photograph: Yorgos Karahalis/Reuters

Cyprus' president Nicos Anastasiades (seated) chairs a meeting with party leaders at the presidential palace in Nicosia.Photograph: Yorgos Karahalis/Reuters

Cyprus' president Nicos Anastasiades (centre) chairs a meeting with party leaders and governor of the Central Bank of Cyprus at the presidential palace in Nicosia. Photograph: Yorgos Karahalis/Reuters

Protesters shout slogans during an anti-bailout rally outside the parliament in Nicosia. Photograph: Yorgos Karahalis/Reuters

Representatives raise their arms to vote against a controversial bill to tax deposits in Nicosia March 19th, 2013. Cyprus's parliament overwhelmingly rejected the proposed levy on bank deposits as a condition for a European bailout, throwing euro zone efforts to rescue the latest casualty of the currency area's debt crisis into disarray. Photograph: Yiannis Nissiotis/Reuters

Protesters shout slogans during an anti-bailout rally outside the parliament in Nicosia. Photograph: Yorgos Karahalis/Reuters

Bank customers make transactions at an automated teller machine (ATM) outside a closed branch of the Bank of Cyprus in Nicosia. Photograph: Yorgos Karahalis/Reuters

A protester holds a Cypriot flag next to a Greek flag during a rally against a levy on bank deposits in Cyprus, outside of the European Union office in Athens. Photograph: John Kolesidis/Reuters