The European Union and the Cypriot parliament are looking for ways to modify a bailout for the island’s banks after a run on ATMs and cash points basically cleaned them out.

People are outraged that the deal would impose a one-time levy of up to 10 percent on savers who had absolutely nothing to do with the bum loans to Greece that got the banks into trouble in the first place.  And a lot of those savers came to Cyprus from other countries, bringing their own money into the local economy.

Savers with less than €100,000 in their accounts would have to pay a one-time tax of 6.75 percent.  Wealthier people would pay 9.9 percent in tax.

Germany pushed the levy through because of the large amount of Russian money in Cypriot banks, and fears of money laundering.

The speaker of the European Parliament now says the deal should be restructured to protect those with less.  It must be approved by the Cypriot parliament before the EU writes a €10 Billion cheque.