Cyprus' banks will remain shut until Thursday (28 March) as lawmakers scramble to avoid a bank run when they reopen.
Under the deal reached between the Cypriot government and the EU on Monday, Cyprus' two largest banks, the Bank of Cyprus, and the Popular Bank of Cyprus (also known as Laiki bank) will take the brunt of the burden.
Both face drastic restructuring and will provide the bulk of a €7 billion contribution from Cyprus requested by eurozone ministers in exchange for a €1...
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Already a member? Login hereBenjamin Fox is a seasoned reporter and editor, previously working for fellow Brussels publication Euractiv. His reporting has also been published in the Guardian, the East African, Euractiv, Private Eye and Africa Confidential, among others. He heads up the AU-EU section at EUobserver, based in Nairobi, Kenya.
Benjamin Fox is a seasoned reporter and editor, previously working for fellow Brussels publication Euractiv. His reporting has also been published in the Guardian, the East African, Euractiv, Private Eye and Africa Confidential, among others. He heads up the AU-EU section at EUobserver, based in Nairobi, Kenya.