Cyprus banks to remain shut while talks to revise tax plan continue

City A.M. Reporter
BANKS in Cyprus will remain shut until Thursday, as Cypriot ministers scramble to revise a radical plan to tax bank deposits before a parliamentary vote tomorrow.
The banks have been shut today for a bank holiday.
The weekend announcement that Cyprus would impose a tax on bank accounts as part of a €10bn (£8.5bn) bailout by the European Union broke with previous practice that depositors' savings were sacrosanct. The euro and global stock markets fell on concerns that the Eurozone crisis was reigniting.
The government says Cyprus has no choice but to accept the bailout with the levy on deposits, or go bankrupt.
The announcement saw residents rush to empty cash machines over the weekend.
Politicans are working to finalise the bank levy before the banks re-open, in order to avert panic.
In London, the FTSE 100 closed 0.49 per cent down, with banks and miners falling to the bottom of the index.