MPs in Cyprus have agreed to turn to people's savings in order to help them get a European bailout.

Anyone with over €100,000 in their accounts with face a charge of between 4 and 20 per cent - depending on the bank they belong to.

Political leaders in Cyprus are due to travel to Brussels today in an effort to secure a bailout plan for the country.

The island's finance minister, Michael Sarris, said they are trying to ensure Brussels has all the reassurances it needs before it agrees to step in with a rescue package.