Cypriot demonstrators
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Has Cyprus damage 'been done'?

20 March 2013 Last updated at 08:21 GMT

Cyprus has given its formal legal democratic answer to the demand that bank depositors lose up to 10% of their money in order to save the nation from bankruptcy.

The answer was an emphatic no, and outside parliament Cypriots sang the national anthem and celebrated.

However, the EU is still demanding that Cyprus finds £5bn or faces leaving the Euro and effectively going bankrupt.

The BBC's Athens correspondent Mark Lowen investigates what life has been like for Cypriots over the past few days in the capital, Nicosia.

First broadcast on BBC Radio 4's Today programme on Wednesday 20 March 2013.