Wealthy depositors with funds in the Bank of Cyprus are facing massive losses as the small island nation is struggling to keep its ailing banks afloat. According to the bailout conditions, depositors with over €100,000 in their accounts will receive Bank of Cyprus shares in exchange for the initial 37.5 per cent haircut. However, recent reports suggest that the cut might rise to 60 per cent in light of the worse than expected banking crisis shaking Cyprus. Many foreign depositors begun to withdraw funds from Cypriot accounts as soon rumours about the rescue package started circulating. Cypriot leaders have signalled that despite of the cots, the country is determined to stay in the eurozone.