Cypriot banks and markets to remain closed

MNI reports that the Central Bank of Cyprus and finance minister Michalis Sarris will keep all banks on the island closed until Thursday. It had previously been announced that all banks except Popular and Bank of Cyprus would open today, with the remaining two reopening on Thursday. Markets are expected to reopen tomorrow.

Popular and Bank of Cyprus are due to be restructured and merged into a single bank under the Bank of Cyprus. Many European banks will remain closed on Friday and Monday due to religious holidays.

"All banks will remain closed until Thursday to secure the smooth operation of the banking system" said a joint statement.

(MNI)