Cyprus banks to remain closed another two days

Last Updated: Thursday, March 21, 2013 - 00:29

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

Aliki Stylianou, the 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.
The 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 euros (USD 7.51 billion) that the country`s euro area partners and the IMF expect in order to loan another 10 billion euros.
The money is needed to shore up the ailing banks and government finances. Cypriot authorities kept banks closed in order to avoid a run on the lenders.

PTI



First Published: Wednesday, March 20, 2013 - 21:10

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