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Banks In Cyprus Remain Locked

Cyprus Seeks EU Bailout To Avert Financial Crisis
Milos Bicanski, Getty Images

Imagine having money in a banked that’s locked up and you can’t get to your cash. That’s exactly the situation in Cyprus.

Banks across Cyprus remain firmly padlocked today after financial authorities extended the country’s bank closure, fearing worried depositors will rush to drain their accounts.

The Central Bank of Cyprus says the country’s finance minister has decided to order all banks in the country to remain shut until Thursday ‘for the smooth functioning of the entire banking system.’

The banks were scheduled to reopen Tuesday. The sudden postponement came after the country’s leaders spent days struggling to come up with a plan to raise the money needed to secure an international bailout.

A bailout agreement with the 17-nation eurozone and the International Monetary Fund was reached early Monday.  Without that deal, the country’s banks would have collapsed, dragging down the economy and potentially pushing it out of the eurozone.

Banks have been closed since March 16 to avert a run on deposits. The shut-down is hammering businesses, which have been without access to their funds for more than a week.

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