Cyprus banks reopen – but stock exchange will remain closed

Cyprus’s banks reopened their doors on Thursday, to limited queues, amid strict controls to stop people withdrawing all their savings and triggering a catastrophic bank run.

The Cyprus stock exchange, however, said it would remain closed for the day, less than an hour before it was due to open for the first time in almost two weeks.

The country had feared a stampede on the banks after a 12-day hiatus while the government negotiated a €10bn (£8.4bn) bailout package to avoid financial collapse. But high street banks were not inundated as they reopened, despite the fact that wealthy savers could face losses of at least 40%.


Plugin by: PHP Freelancer
This entry was posted in Editorial, Financial and tagged , , , , . Bookmark the permalink.