The overwhelming yes vote came after a warning from Germany's finance minister Wolfgang Schaeuble that if Cyprus was allowed to go bankrupt, other euro zone countries would be at risk.
Banks are open for the second day in Cyprus after two weeks of closure. From the outside, things appear to be calm. The President of Cyprus said this morning that the country will not leave the euro.
Diane Swonk, chief economist with Mesirow Financial, joins Marketplace Morning Report host Jeremy Hobson to discuss whether the crisis in Cyprus will spread and how the U.S. economy is faring.
Strict controls on the level of withdrawals have prevented a bank run in Cyprus. But the restrictions are raising fresh doubts about the future of the euro.
Banks in Cyprus have just re-opened for the first time in two weeks. Although there are tough restrictions on just how much cash customers can withdraw and what they can do with that money once they have it.
Julia Coronado, chief economist with the investment bank BNP Paribas, joins Marketplace Morning Report host Jeremy Hobson to explain how Cyprus is guarding itself against a bank run.
