Bank closures in Greek Cyprus causes market shocks

The need for cash money has reached drastic points after banks in the Greek Cypriot administration remain closed on Tuesday as part of restructuring of financial organizations based on an agreement reached with the EU and IMF delegation. At a time when everyone expected banks to reopen on Tuesday, the continuation of the closure of banks in the Greek Cypriot administration caused a shock in the Greek Cypriot market. Greek Cypriots waiting for the banks to reopen and meet their needs were all disappointed when the banks did not reopen on Tuesday. Greek Cypriot police took security measures in front of bank branches in order to prevent possible attacks on the banks. A 52-year-old resident of Lefkosa, Haris Stavrakis underlined that the market in Greek Cypriot administration completely died out due to lack of cash money. "We can not write checks, use credit cards, or pay bills as we need cash money. We have become a 'third class country'. The banks need to reopen in one way or another," Stavrakis said. 38-year-old Harilaos has said that the banks have been closed for the past 10 days. "There are bills to be paid and children's school expenses. They all must be paid. The banks need to reopen on Thursday. We can not survive for long unless the banks reopened," Harilaos also said.