Cyprus banks shut until Thursday on Bailout Failure – Rethink Savings Tax
A woman unsuccessfully attempts to withdraw from a Cypriot bank ATM in Greece on Sunday. Bank of Cyprus in Athens. By 2011, Cypriot banks had made loans worth more than eight times the country’s national output. Photograph: Katia Christodoulou / EPA
Two days after the European Union revealed a €10 billion rescue for Cyprus, the tiny island nation said its banks would not reopen at least until Thursday to give it more time to win the backing of parliament for a controversial tax on deposits. The unprecedented tax on bank deposits led to a run on cash machines in