Question Details

Quick: When will Cyprus' banks reopen?

Quick: When will Cyprus' banks reopen?

Asked by: Super Userkruijs in Business » Economics
Settled on 03/26/2013 06:49 Settled by Super Userkruijs
Winning option:On Wednesday, March 27th, or later Cyprus bailout: Banks to stay closed until Thursday

President Anastasiades: "We leave behind uncertainty and look with optimism into the future"

All Cypriot banks will remain closed until Thursday, the central bank now says, and temporary measures will be placed on transactions when they reopen despite an EU/IMF bailout deal.

http://www.bbc.co.uk/news/business-21933473

Predictions

On or before Friday, March 22nd
On Tuesday, March 26th
On Wednesday, March 27th, or later

Background

The European Central Bank will not provide Cypriot banks with liquidity indefinitely unless a bailout is agreed and banks there may not be able to reopen this week as a result, Austrian Finance Minister Maria Fekter said.

Cyprus threw a proposed international rescue into disarray on Tuesday by overwhelmingly rejected a proposed levy on bank deposits that was a condition for a 10 billion euro bailout.

Its banks, currently closed, are dependent on emergency funding from the ECB, which has said it will continue to provide liquidity but only under existing rules which say that they must be solvent.

If Cyprus does not come up with a new plan, Fekter told reporters: "Then the banks won't open on Friday because the ECB will not provide any more liquidity. That is a more horrible scenario than what is on the table now."

http://www.reuters.com/article/2013/03/20/eurozone-cyprus-fekter-idUSL6N0CC2WS20130320

Find similar: cyprus, banks, europe, euro, bailout

Comments

Comment on this question:

Sign in to comment

   Super Userkruijs

Cyprus ordered its banks to remain closed until next week as the cabinet held emergency talks on Wednesday in an effort to strike a deal with the EU or Russia to avert financial meltdown and stave off bankruptcy.

Banks in Cyprus will now not open until Tuesday at the earliest, because Monday is a bank holiday. They have been shut since last week to prevent a run on deposits.

http://www.guardian.co.uk/world/2013/mar/20/cyprus-keeps-banks-closed-talks-continue

Integrate this question on your website or blog Get Widget!

What's This!?

  • This is a user submitted question. Players make predictions on what they expect to be the actual outcome.

    more...

  • Register for free and get 1,000 KtN$
    in virtual cash to start predicting!

  • Limited offer: Sign up today and recieve double cash!

Advertisement