Cyprus Keeping Banks Closed Until Thursday
Transaction limits staying in place after bailout
By Rob Quinn, Newser Staff
Posted Mar 26, 2013 3:26 AM CDT
Updated Mar 26, 2013 7:07 AM CDT
Cypriots watch a TV screen as President Nicos Anastasiades addresses the nation last night.   (AP Photo/Petros Giannakouris)

(Newser) – Cypriots hoping to get their hands on what is still technically their money are going to have to wait at least another couple of days. The government has ordered the country's banks, which have been closed since March 15, to stay closed until Thursday to prevent a run on deposits following the last-minute EU bailout deal. People can still make ATM withdrawals, with a daily limit of $130 at the two biggest banks, but the machines often run out of cash and many businesses have stopped accepting debit or credit cards, the AP reports. Meanwhile, Bank of Cyprus chairman Andres Artemis has resigned this morning, reports Reuters.

Even when banks reopen, limits on withdrawals are expected to remain, along with measures to prevent money from leaving the country, the BBC reports. Deposits above $130,000 in the two biggest banks, which will be subject to a stiff levy under the bailout deal, will be frozen. President Nicos Anastasiades didn't offer Cypriots many details on the transaction limits that will be imposed, but told them, "I want to assure you that this will be a very temporary measure that will gradually be relaxed," Reuters reports. The BBC spoke with the country's finance minister, who said the levy will be "significant," and as high as 40%.

More From Newser
My Take on This Story
To report an error on this story,
notify our editors.
Cyprus Keeping Banks Closed Until Thursday is...
2%
2%
4%
9%
55%
28%
Show results without voting
You Might Like
Comments
Showing 3 of 16 comments
right2dave
Mar 27, 2013 5:52 AM CDT
Coming soon to a US bank near you when Obama's spending projects come due.
AnimeOtaku
Mar 26, 2013 4:49 PM CDT
In all of this I give my condolences to the average Cypriot for they are the ONLY ONES REALLY getting dry screwed royally here!!!!!!
jerrymac
Mar 26, 2013 1:03 PM CDT
Cyprus has just begun to see the beginnings of the disaster on their horizon. Not only are they going to confiscate between 30 - 40 percent of people's deposits over $130,000, they have just chased Russian money out of their economy, as well as every other foreign depositor for the foreseeable future. Without those millions to billions from foreign investors, there will be much less money available to loan for such things as new / existing businesses, infrastructure, bond sales etc. You don't need a crystal ball to divine what the future holds in store for Cyprus.