Cyprus Bailout: Banks To Stay Closed Until Thursday

[Purveyor]

Source: BBC

All Cypriot banks will remain closed until Thursday, the central bank now says, and temporary measures will be placed on transactions when they reopen despite an EU/IMF bailout deal.

Earlier, the authorities said all but the biggest two would open on Tuesday.

The central bank now says all will remain closed to ensure the whole banking system functions "smoothly".

--CLIP
Controls to prevent money leaving the country are already in place.

Certain limits on the size of cash withdrawals are expected to continue.

Read more: http://www.bbc.co.uk/news/business-21933473

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They are scared to death to re-open the banks, imo

[dipsydoodle]

1. Its not so much despite the €10 billion bailout.

It was clear from the beginning they needed another €5 billion on top of that. Now they're rounding that additional sum up which in theory will only take a few days.

[CalFresh]

2. The run

on the banks when they open will be crazy.