President NICOLAS SARKOZY (France): (Through Translator) When financial institutions have lost all credibility, markets are in chaos and panic reigns, people look to public institutions for a solution.
Magda Chrysaphiades says the chaos and panic she witnessed on Saturday after the announcement reminded her of the Turkish invasion in 1974 when she first moved to Cyprus from the UK to set up a leather and suede manufacturing business with her family.
Ministers deny adopting panic measures but shadow home secretary David Davis said there was "chaos and confusion" because decisions had been taken too late.