(Image source: The Telegraph ) BY KATIE BRENNAN A crisis in Cyprus is causing markets around the world to tank. In an unprecedented move, the E.U. is trying to force private bank depositors there to contribute toward a $13 billion bailout. “ There’s a one-time levy of 6.75 percent on all deposits under 100,000 euros and almost 10 percent on accounts holding more than that.” (Via  euronews ) Cyprus is expected to put forward a new proposal Monday that could mean a lower tax for smaller depositors, but Fox News reports taxing the private depositors before bondholders or shareholders breaches a very important principle. “Until now, if you were in a bankrupt country, the bondholders, the people who lent the country money, they were the losers. Now it’s the citizens, directly. They are losing.” The announcement led to people in Cyprus rushing to ATMs to withdraw their savings. Monday is a bank holiday in Cyprus. The BBC heard from one of many depositors who plans on withdrawing cash when banks re-open. “On Tuesday I plan on going to the bank and withdraw all the money I have in there and have nothing left in there. I can’t trust them anymore. It’s theft. They’re stealing from me.” One of Europe’s most sought-after academics on the EU’s financial state told Bloomberg if the mistrust in the banking systems spreads it could lead to the downfall of the euro. “If that happens and we have a bank run in either Spain or Italy or Greece as you say, then we have a crisis way bigger than anything we have had in the euro area for the last three years. ” The plan still has to be approved by the Cypriot Parliament, where the three-week-old government has a very slim majority. The vote was scheduled for Monday, but was postponed until Tuesday.