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Germany warns Cyprus banks may never reopen

Germany warns Cyprus banks may never reopen

Germany's finance minister has warned that it is unclear whether the banks in Cyprus will ever be able to open again.
Banks in Cyprus have been shut since Saturday to avoid a run while the tiny Mediterranean country tries to negotiate a rescue for its economy.
Wolfgang Schaeuble says two of Cyprus's big banks are being propped up solely by emergency liquidity from the European Central Bank that is contingent on all sides agreeing on a rescue package.
"Someone needs to explain this to the Cypriots," Schaeuble told German public television ZDF in an interview late Tuesday.
Lawmakers in Cyprus voted Tuesday to reject a bailout deal that would have seized up to 10 percent of bank deposits in order to prevent a collapse of the country's banks.


Updated : 2021-05-16 04:54 GMT+08:00