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18%  
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Keyword: cyprusbanksclosed

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  • Cyprus banks remain closed to avert run on deposits

    03/26/2013 2:47:10 AM PDT · by LiveFreeOrDie2001 · 31 replies
    Yahoo Finance ^ | 3/26/2013 | Michele Kambas and Karolina Tagaris
    NICOSIA (Reuters) - Banks in Cyprus will remain closed until Thursday, and even then subject to capital controls to prevent a run on deposits, after a European Union bailout that the country's president assured his people was in their best interests. After returning from fraught negotiations in Brussels, President Nicos Anastasiades said late on Monday the 10-billion euro ($13 billion) rescue plan agreed there in the early hours of the morning was "painful" but essential to avoid economic meltdown. He agreed to close down the second-largest bank, Cyprus Popular, and inflict heavy losses on big depositors, many of them Russian,...