Economic

Cyprus bank crisis: Mounting EU pressure

“It is possible to be lulled into thinking that the Cypriot crisis is not acute. Yes, the banks are closed but the cash machines are being refilled. Petrol stations won’t accept credit cards any longer. Restaurants want cash. Stores won’t take cheques. Businesses cannot buy or sell. Deals are not being completed. And the banks won’t open until Tuesday at the earliest. Cyprus will have been 10 days without working banks. In truth the country is surviving on a lifeline from the European Central Bank. “

Source: BBC News – Cyprus bank crisis: Mounting EU pressure

OODA Analyst

OODA Analyst

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