Cyprus

Businesses in Cyprus Feeling the Strain of Bank Closures

Government still fears a run on the banks

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NICOSIA, Cyprus – Cypriot businesses were under increasing strain to keep running on Tuesday after financial authorities stretched the country's bank closure into a second week amid fears that depositors will rush to drain their accounts.

All but two of the country's largest lenders had been due to reopen Tuesday, after being shut since March 16 while politicians figured out how to raise the funds necessary for Cyprus to qualify for an international bailout.