Cyprus Suspends Stock Market Trading until Thursday
The Cyprus Stock Exchange said it had suspended trading for Tuesday and Wednesday due to the closure for the same period of banks amid fears of a run on accounts following a harsh EU bailout deal.
"We decided to suspend the trading of securities listed on the stock exchange for the purpose of ensuring the proper functioning of the stock market and to protect investors," the exchange said in a statement.
It said given the closure of banks "it is not possible to carry out the settlement of securities transactions executed on the CSE".
"To avoid creating any potential additional risk to the entire system, the exchange, in view of the (extended) bank holiday will not be able to check the credit limits of members during the trading session."
Cyprus banks have been closed since Saturday and are to open again on Thursday amid fears of a run on accounts by depositors stunned by the EU deal.
Under the terms of a 10-billion euro ($13 billion) bailout package from the eurozone, all holders of bank accounts in Cyprus will be hit by a one-off levy ranging from 6.75 percent to 9.9 percent.
Source: Agence France Presse
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