Cyprus banks won’t open before Tuesday at earliest

Cyprus banks won't open before Tuesday at earliest

At the entrance of a closed Laiki Bank graffiti sprayed on the pavement reads in Greek “thieves” as man walks in capital Nicosia, Cyprus, Wednesday, March 20, 2013. Cypriot officials rushed Wednesday to find new ways to stave off financial ruin, including asking Russia for help, after Parliament rejected a plan to contribute to the nation’s bailout package by seizing people’s bank savings.(AP Photo/Petros Giannakouris)

What would you do if the United States declared a bank holiday for over a week?

David DeGerolamo

From AP

NICOSIA, Cyprus  — Banks in Cyprus will not open before Tuesday at the earliest as government officials try to find a new plan to stave off financial ruin, the central bank’s spokeswoman said Wednesday.

Aliki Stylianou said the banks would remain shut for another two days, Thursday and Friday. Monday is a national bank holiday in Cyprus.

The cash-strapped lenders have been closed since Saturday, when Cyprus said it would raid bank deposits to help fund its international bailout package, to avoid a bank run.

The Parliament this week rejected the plan to take a portion of bank deposits, leaving the country’s bailout plan in doubt.

Cypriot officials are looking for alternative ways to scrounge up the 5.8 billion euros ($7.51 billion) that the country’s euro area partners and the IMF expect in order to loan another 10 billion euros.

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