When Cyprus's Banks Shut Down: A Business Owner Remembers
“How much of our money are they going to take?”
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March 16, 2013: The EU announces a bailout of Cyprus, and banks close to prevent a run
The president and the minister of finance were reassuring us that there would be no question of a haircut on deposits. Then came an announcement on Saturday that the banks would be suspending their operations because there was going to be a haircut.