World

Cyprus banks to remain closed for 2 days

PTI Nicosia (Cyprus) | Updated on March 12, 2018 Published on March 21, 2013

Cyprus banks will remain closed on Thursday and Friday as officials try to find a new plan to stave off bankruptcy.

Aliki Stylianou, central bank’s spokeswoman, confirmed the additional two-day closure today. The cash-strapped lenders have been closed since Saturday to avoid a bank run.

Cyprus Parliament this week rejected a plan to take a portion of bank deposits. That has left Cypriot officials looking for alternative ways to scrounge up some €5.8 billion ($7.51 billion) that the country’s Euro area partners and the IMF expect in order to loan another €10 billion.

The money is needed to shore up the ailing banks and government finances. Cypriot authorities kept banks closed to avoid a run on the lenders.

Published on March 21, 2013
null
This article is closed for comments.
Please Email the Editor