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.
As a nonprofit news organization, our future depends on listeners like you who believe in the power of public service journalism.
Your investment in Marketplace helps us remain paywall-free and ensures everyone has access to trustworthy, unbiased news and information, regardless of their ability to pay.
Donate today — in any amount — to become a Marketplace Investor. Now more than ever, your commitment makes a difference.