Cyprus Banks Closed Until Thursday

Thanassis Stavrakis/AP

An employee of the Stock Exchange walks next to a display showing stock price movements in Athens, Tuesday, March 19, 2013. Banks stocks were sharply lower on the Athens Stock Exchange, as trading resumed for the first time in Greece since the details of a bailout in Cyprus and a shock levy on bank deposits were announced. Trading in the shares of Bank of Cyprus and Laiki was suspended for two days on the Athens Stock Exchange.

Cyprus's central bank announced Monday night that its banks will not reopen on Tuesday as originally planned. Officials said the banks will instead remain closed an extra two days until Thursday. The announcement came after Cyprus struck a predawn bailout deal in order to evade bankruptcy for the country. As part of the deal, however, President Nicos Anastasiades announced that the nation's second-largest bank, Cyprus Popular, will be shut down and that big depositors will be inflicted with heavy losses.