Plans to open banks in Cyprus Tuesday morning were cancelled late Monday night as the firestorm surrounding the island nation's economy continued to grow and protesters amassed on the streets to vent their growing anger with a bailout agreement that they fear will plunge their economy into deeper crisis.

Large crowds—mostly students and young people—marched in the nation's capital of Nicosia, denouncing the deal which critics and experts say will cause 'years of suffering' for ordinary Cypriots.

As Al-Jazeera reports:

The protesters, many of them students who organised the event online, were cheered on by government workers as they marched past the labour ministry.

"Troika out of Cyprus," said banners held by the angry students, in reference to the three creditors.

"Hands off Cyprus," and "Those who stole our money should go to jail and pay," chanted the demonstrators.

Meanwhile, fears grew throughout the Eurozone and beyond following comments by the Dutch Finance Minister Jeroen Dijsselbloem, who heads the Eurogroup, said that the controversial levy on deposits proposed for Cyprus should be the model for future bailouts. He later amended his comments.

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