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Cyprus Banks Close Until Thursday to Prevent Bank Run

BBC News [1]
March 18, 2013

The Cypriot central bank has announced that the country’s banks will stay closed until later this week as fears mount of a bank run.

The country’s banks were closed for a scheduled Bank Holiday on Monday, something that allowed Cyprus to try to implement a levy on savers’ deposits.

That move triggered unease among depositors in Cyprus, where cash machines soon ran out of funds.

It had earlier unnerved investors, sending shares and the euro lower.

The EU and IMF want all bank customers to pay a levy in return for a bailout worth 10bn euros ($13bn; £8.6bn).

Full story here. [1]