Cyprus Bank Closure Extended to 26 Mar as Solutions Sought

President Nicos Anastasiades of Cyprus met advisers to draft a new plan to stave off financial collapse after lawmakers rejected a proposed bank deposit levy.

The government’s alternative plan may include a new version of the deposit tax, according to an official who spoke after a meeting of the Cabinet yesterday and who asked not to be identified in line with government policy. The country’s central bank declared that lenders would remain shut for another two days, effectively barring Cypriots from their accounts until March 26 when they’re due to reopen after a national holiday on March 25.

“We won’t sleep, we will find a solution,” Averoff Neofytou, deputy president of Anastasiades’s Disy party told reporters after meeting the president. “We owe it to future generations.” He said he had no news of talks in Moscow, where Finance Minister Michael Sarris is seeking financing.

The European Central Bank is likely to delay a decision on whether to continue to supply Cypriot banks with emergency funds as it awaits clarity on the nation’s bailout, two people familiar with the deliberations said yesterday.


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Mingze Wu

Mingze Wu

Currency Analyst at Market Pulse
Based in Singapore, Mingze Wu focuses on trading strategies and technical and fundamental analysis of major currency pairs. He has extensive trading experience across different asset classes and is well-versed in global market fundamentals. In addition to contributing articles to MarketPulseFX, Mingze centers on forex and macro-economic trends impacting the Asia Pacific region.
Mingze Wu