Cyprus faces five day weekend

An official has confirmed that Cyprus' banks will stay shut until Thursday, bringing bank closures to a total of five days. The Euro has gained some strength during the day, at around $1.296 now from a low of $1.288.

Meanwhile another EU official has confirmed that another country isn't Cyprus as it is announced that Portugal is not analogous. Earlier we were told that Slovenia was not facing a similar situation to Cyprus. The European Central Bank's Carlos Costa has said that other deposits are not compromised by events in Cyprus, as it appears that the crisis will be localised and fears of contagion have abated.