Banks to Remain Closed in Cyprus Until Tuesday
Simon Dawson/Bloomberg via Getty Images(NEW YORK) — The markets will have to deal with more days of uncertainty. Cyprus has just confirmed banks will remain closed until Tuesday, which means doors would be closed for 11 straight days.
As of now, the ATMs still have cash, but chances of finding a working machine are hit or miss. An ABC News crew met one woman who used her card only to discover the ATM was empty. She walked to another ATM, which capped her withdrawal at about $900. An American, who is retired and lives an hour outside of the captial, told ABC News he recently needed to go to five different ATM’s in order to get cash.
As long as the ATMs have cash, the situation is expected to remain manageable. However, the moment cash is hard to come by — some are expecting huge problems and even violence.
If the banks don’t open on Tuesday, businesses may be unable to pay their workers at the end of the month, an outcome that could create real social instability.
Behind the scenes, officials are working to find a Plan B, though nothing has been decided yet.
Copyright 2013 ABC News Radio
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