Cyprus closed its banks from depositors until Thursday after news broke over the weekend that the government would take money from savings accounts to pay off its massive debt.
Business Insider reported:
AP is reporting that Cypriot banks will now remain closed through Thursday.
The bank bailout deal was completed over the weekend to take advantage of a bank holiday in the EU today, owing to the St. Patrick’s Day holiday.
However, the holiday was extended through Tuesday to allow the Cypriot government more time to pass a vote on the bailout deal, which includes a controversial haircut on depositors.
Now, depositors in Cyprus won’t be able to access their funds until Friday at the earliest.
So, how soon before Democrats propose this bank theft plan in America?
More… S&P Warns of Socially Explosive Situation in Euro Zone
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