Posted by: youngragingbull | March 18, 2013

Word on the Street: Cyprus banks closed until Thursday

Cypriot banks, which were closed for a bank holiday on Monday, will remain closed until Thursday while legislators negotiate the proposed deposit levy as part of the country’s bank bailout, according to the Associated Press. The controversial component of the 10 billion euro rescue package is the proposed tax on bank holdings of all sizes, which is the first of its kind in the eurozone crisis and has stirred up concern about a potential bank run in other struggling eurozone countries.

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