From Kathimerini:
The Cypriot cabinet has declared Tuesday a bank holiday, for fear of capital flight, and this may even be stretched to Wednesday, as depositors are certain to withdraw huge sums from the Cypriot banks after the haircut imposed.So, if the official name of the March 18 holiday was "Green Monday", will the March 19th ad hoc holiday be called "Red Tuesday"? Inquiring minds want to know.
Nicosia postponed from Sunday to Monday the tabling in Parliament of the bill including the measures for the Cypriot bailout - including a bank account haircut and a tax hike on interest and corporate earnings - but the European Central Bank insists on a rapid voting because there are already signs a domino effect will follow across European lenders and markets from Monday.
There is genuine fear of market unrest on Monday morning when stocks may crumble in the eurozone and bank accounts in other southern European bank may suffer.
Skai radio reported on Sunday that the Bank of Greece has sent between 4 and 5 billion euros to Cyprus in order to help Cypriot banks respond to cash requirements by their clients.
as we are sent another warning sign of what's to come, and here in the States we are 'lucky' to have had the assistance of the infamous Jon Corzine in helping the Obama administration plan it's 'bank holiday', so if we get the same treatment Mr. C gave his customers/depositers at MFGlobal, then we know what to expect. That's some holiday to look forward to, don't you think?