NICOSIA, Cyprus -- Big depositors at Cyprus' largest bank may have to accept losses up to 60 percent, far more than initially estimated under the European rescue package to save the country from bankruptcy, officials said Saturday.Deposits of more than $128,000 (100,000 euros) at the Bank of Cyprus will lose 37.5 percent in money that will be converted into bank shares, according to a central bank statement. In a second raid on these accounts, depositors could lose 22.5 percent more, depending on what experts determine is needed to prop up the bank's reserves. The experts have 90 days to figure that out.The remaining 40 percent of big deposits at the Bank of Cyprus will be "temporarily frozen for liquidity reasons" but will continue to accrue existing levels of interest plus 10 percent, the central bank said.The savings converted to bank shares would theoretically allow depositors to eventually recover their losses. But the shares now hold little value, and it's uncertain when, if ever, they will regain a value equal to the depositors' losses.Emergency laws passed last week empower Cypriot authorities to take these actions.Cypriot Finance Minister Michalis Sarris said the measures were taken to put the Bank of Cyprus on a solid footing."We suffered a serious blow without doubt ... but we now have a bank which is reformed and ready to assume its role in the Cypriot economy," the state-run Cyprus News Agency quoted him as saying.Analysts said Saturday that imposing bigger losses on Bank of Cyprus customers could further squeeze already-crippled businesses as Cyprus tries to rebuild its banking sector in exchange for the international rescue package.