Cyprus Banks Will Not Open Today
Econintersect: The much bally-hooed agreement to reorganize Cyprus’ largest banks has not proceeded to the point that banks in that country will be able to reopen today (Tuesday, 26 March 2013) as scheduled last week. The latest announcement Monday night from government officials has delayed the opening to Thursday. The slow progress in getting the Cyprus bank doors open again is not the only concerning development. There is fear that future bailouts in Europe will now include raids on deposits as part of the conditions for closing deals.
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