Cyprus' cooperative banks close amid depositor concern over bailout deal's bank deposit levy

Published March 16, 2013

| Associated Press

Cyprus' cooperative banks have shut their doors after a rush of depositors anxious to protect their savings following a bailout agreement with international creditors that includes a levy on all the country's bank deposits.

Unlike commercial banks which remain closed on weekends, cooperative banks customarily open for business on Saturday. Word that the €10 billion ($13 billion) rescue package Cyprus agreed with its euro area partners and the International Monetary Fund included a one-off levy on deposits sent many customers scurrying to branches across the island.

The cooperative banks, which represent about a fifth of the island's banking sector, remained open only for about an hour. However, people continued to have access to their funds through ATM machines.

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http://www.foxnews.com/world/2013/03/16/cyprus-cooperative-banks-close-amid-depositor-concern-over-bailout-deal-bank/