Cyprus Banks Closed Until Thursday

March 26, 2013

Cyprus Banks Closed Until Thursday

Cyprus’s central bank announced Monday night that its banks will not reopen on Tuesday as originally planned. Officials said the banks will instead remain closed an extra two days until Thursday. The announcement came after Cyprus struck a predawn bailout deal in order to evade bankruptcy for the country. As part of the deal, however, President Nicos Anastasiades announced that the nation’s second-largest bank, Cyprus Popular, will be shut down and that big depositors will be inflicted with heavy losses.

reuters

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