The Cypriot finance minister has ordered all the country's banks to remain closed until Thursday, the country's central bank announced. - Just hours before the announcement late Monday, the central bank said all but two country’s largest banks would open on Tuesday morning. The postponement could be a sign that the country's banks are even lower on cash than they believed at the end of last week. On Monday, Cyprus reached a $13 billion bailout deal with international lenders aimed at avoiding a potential financial collapse, but forcing the country’s second largest bank Cyprus Popular Bank Pcl (CPB) to be restructured, with people holding over €100,000 in their accounts facing substantial losses.
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Emmanuel Lioudakis: “This is the start of the Road to Calvary” - Thousands of Cypriots woke up this morning and, instead of setting about their daily tasks, felt a huge vacuum. Their country, Cyprus, is no more. Abdicating to the dictates of the troika (IMF, EU and ECB), our island vanished off the map a few weeks before Easter, at the start of Lent. Disgust, shame and disappointment are some of the things I feel. What has become of our pride, our dignity, our strength in opposition? If we have found ourselves on the brink of the abyss, though, it is in large part because of our own sins. We are to blame for this debacle, because we abandoned the management of our affairs to the troika and the technocrats of the Eurogroup. The destruction of the banking system will lead to the disappearance of our state. People will lose their jobs, and their efforts to build a better life will come to nothing. Their pensions, scraped together over a lifetime, will be doomed to the same fate as their deposits – snatched by our European “friends”. With friends like them, who needs enemies?
Jordan Shilton & Chris Marsden: European Union imposes bank bailout on Cyprus - The Cypriot government and the European Union (EU) arrived at an agreement early yesterday morning to secure a bailout of Cypriot banks and avert state bankruptcy in Cyprus. The terms set by the bailout amount to the economic devastation of the island country in the interests of Europe’s financial elite. [...] The dictates of the EU and the criminal financial practices of Cyprus’s ruling elite alike have paved the way for massive attacks on working people. With unemployment at more than 14 percent, there will inevitably be thousands of job losses in banking, Cyprus’s main employer, and from restructured companies and privatised services.