Banks in Cyprus are now on lockdown until Thursday. Most were supposed to reopen today following a new bailout deal that could tax large depositors by as much as 40 percent. But fears of bank runs are keeping doors shut. Cypriots are able to withdraw up to $130 a day from ATM’s, as ordered by the country’s central bank.
The BBC’s Nigel Cassidy in Cyprus joins Marketplace’s Mark Garrison to discuss how Cypriots are reacting to the shutdown and how the country plans to reopen its banks without risking a massive capital flight.