Cyprus banks shut until Thursday

All banks in Cyprus will remain shut until Thursday, the country’s finance minister has decreed.

The announcement tonight by the Central Bank of Cyprus came hours after it said all banks except the country’s two largest lenders, Laiki and Bank of Cyprus, would open tomorrow morning.

Banks have been closed since March 16 to avert a run on deposits as the country’s politicians struggled to come up with a plan that would raise enough funds to qualify for an international bailout.

An initial plan that would seize up to 10% of people’s bank accounts had spooked depositors and was soundly rejected by MPs.