Cypriot banks will stay closed until Thursday

Shut for days.

New Statesman
Photograph: Getty Images

From the Financial Times:

Cypriot banks will remain closed until Thursday, the government announced on Monday night, as President Nicos Anastasiades acknowledged that the country had come ‘a breath away from economic collapse’ before its last-minute bailout. Speaking after he agreed a €10bn international rescue that includes the restructuring of the island’s two biggest lenders with losses for bigger depositors, Mr Anastasiades also said capital controls would be imposed but as a ‘very temporary measure that will be gradually relaxed’.

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