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The bailout agreement concluded by Cyprus and the troika of international lenders (the EU, ECB and IMF) at dawn on March 25 stipulates, among other measures, that the island’s largest bank, the Bank of Cyprus, will take on the debts of Laiki Bank, which is to be liquidated.
To date, Laiki, which is the country’s second biggest credit institution, has received €9.2bn in loans that will now have to be paid back to the ECB.
The newspaper also reports that Cypriot banks, which closed on March 16 to avoid a bank run, will not open until March 28. Cash machines on the island are still functioning, however, depending on the bank, withdrawals are limited to €100 or €200 per person and per day.
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