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Whipping boy

Hundreds of students and bank staff demonstrated outside the presidential palace amid growing anger at the European Union and International Monetary Fund over the crippling terms of the 10-billion-euro ($13 billion) rescue package.

Bank of Cyprus chairman Andreas Artemis reportedly tendered his resignation due to concerns about the impact of the deal on his institution and the island's status as an offshore banking sector.

Finance Minister Michalis Sarris warned that the “haircut” that will be imposed on large deposits at the Bank of Cyprus could be greater than expected at 40 percent.

The agreement struck early Monday will also see second largest lender Laiki wound up, with the parts of it that are salvaged being merged into Bank of Cyprus, dealing a major blow to jobs and the availability of credit to consumers and small businesses.

Despite the deal, Cypriots endured an 11th day without access to banks after authorities ordered them to stay closed until Thursday, to prevent a run on deposits that could send the island into meltdown.

Government spokesman Christos Stylianides said the central bank and the finance ministry were “working intensively” to ensure Thursday’s delayed reopening went ahead.

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Stocks in Greece and Spain, two other indebted eurozone economies, both fell sharply but other European stocks rallied after a sharp fall on Monday on fears that the Cyprus bailout could become a model for other larger economies.