Angry Cypriots target bankers as chaos looms

There was a constantly changing set of demonstrators, ranging from bank depositors - who have been cast as victims in an unprincipled money-grab - to employees of the Laiki Bank who are threatened with the loss of their jobs in an economy which faces an era of Greek-style poverty and unemployment.

The measures are a bid to dig Cyprus's bankers out of the mire that their speculation on bank bonds had left them in after the troika insisted on a "haircut" for bondholders of heavily indebted Greek banks as a condition of the Greek bailout.

Not that the bankers were in any way repentant.

Laiki Bank boss Takis Phidias condemned plans being considered by MPs.

"I'm certain that there will be chaos after these Bills are approved," he said, referring to the possibility of restructuring Laiki.

MPs are pondering seizing a large percentage of deposits in Laiki above the €100,000 (£85,000) insurance limit, perhaps 30 per cent.

Banking officials estimated that such a restructuring would take €3.6 billion (£3bn) off the €5.8bn (£5bn) the country needs to raise to meet troika requirement for a further €10bn (£8.5bn) bailout.

The Bank of Cyprus said it backed confiscating a per centage of bank deposits because there were no alternatives.

The bank warned Cypriot depositors that collapse of the banking sector could lead to the "total loss of all deposits above €100,000 (£85,000) and the immediate sale of all collateral."

Meanwhile, efforts get help from Russia appeared to have failed.

"We will only be ready to discuss various ways of support after the EU nations and Cyprus work out a final settlement," said Russian Prime Minister Dmitry Medvedev.

And back at the barricades, most anger was directed at Europe, specifically Germany.

Laiki employee Nikos Tsiangos said: "The bank is finished.

"We'll lose our jobs and I'm worried about my kids.

"They've brought us to the brink. The Europeans wanted to destroy our economy and they've done it."

And there is very little that the EU can say to disprove the charge.

In parliament, MPs have yet to approve any deal and, even then, it must be accepted by the predators of the troika.