Cyprus Banks Ordered to Stay Closed Until Thursday

Earlier, the authorities said all but the biggest two banks would open on Tuesday. Photo by EPA/BGNES

All Cypriot banks will remain closed until Thursday, the country's central bank has announced.

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 banks would open on Tuesday.

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

The bailout deal will see larger depositors in the two biggest banks, Bank of Cyprus and Laiki, lose money.

Cyprus clinched an eleventh-hour deal with the 17-nation eurozone and the International Monetary Fund early Monday for a EUR 10 B bailout. Without it, the country's banks would have collapsed, dragging down the economy and potentially pushing it out of the euro.

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