Cyprus closing its banks until Thursday to stop run amid fury over bailoutSubmitted by go213mph on Mon, 03/18/2013 - 21:24
Banks in Cyprus had been due to close for a normal holiday giving the authorities an extra 24 hours after the bailout was agreed in the early hours of Saturday, but they will not now reopen until Thursday. Demonstrating their anger at the impact on their savings, hundreds of Cypriots cut short traditional family picnics that mark the first Monday of Orthodox lent and gathered at the Nicosia parliament to protest.
Politicians continued talks behind closed doors on what changes could be made to the proposals before the parliament meets on Tuesday afternoon. Anastasiades said an agreement must be reached if Cyprus was to avoid the collapse of one or all of its banks.
Panicos Demetriades, the governor of Cyprus's central bank, warned parliament: "What would certainly happen is that our two big banks would need to be consolidated. This doesn't mean that they would be completely destroyed. We will aim for this to happen in a completely orderly way."