Cyprus ordered banks to remain closed for two more days over fears of a run by customers trying to get their money out, after striking a pre-dawn bailout deal Monday that averted the country’s imminent bankruptcy.
The sudden midnight postponement of the much anticipated Tuesday bank opening by all but the country’s two largest lenders was sure to hammer businesses already reeling from more than a week of no access to their deposits.
ATMs have been dispensing cash but often run out, and an increasing number of stores and other businesses have stopped accepting credit or debit cards. The two largest lenders, the struggling Laiki and Bank of Cyprus, have imposed a daily withdrawal limit of 100 euros ($130).
(source: KTVU, AP)
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