Cyprus banks remain closed after bailout

<p>Banks in Cyprus have remained closed.</p>

Cyprus banks will remain closed until Thursday (March 28th) after the country agreed a bailout deal with the rest of Europe.

Banks closed on March 15th and their doors will remain closed for now. Under the terms of the bailout, individuals with large amounts of money in the Bank of Cyprus and Laiki will lose some of their cash.

President Nicos Anastasiades said "very temporary restrictions" are going to be placed on the flow of money in the country, though he refused to give any details.

Jeroen Dijsselbloem, the Dutch finance minister, told Reuters and the Financial Times: "If there is a risk in a bank our first question should be 'OK, what are you in the bank going to do about that?'"

As head of the Eurogroup, he played a key role in the Cyprus negotiations and noted Cyprus was "a specific case with exceptional challenges".

The parliament in Cyprus previously rejected a proposal for a tax on savings to partly fund a bailout.

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