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The Boston Globe

Business

Reopening of banks is delayed in Cyprus

Bailout bid hits rich depositors

NICOSIA, Cyprus — Cyprus has extended the closure of its banks for two more days, until Thursday, another postponement after the country’s leaders spent days struggling to develop a plan to raise the money needed to secure an international bailout.

Banks in the country have already been closed for more than a week to prevent a run on deposits. All except the country’s two largest lenders had been due to reopen Tuesday, after­ the country clinched an eleventh-hour deal with the 17-nation eurozone and the International Monetary Fund to provide Cyprus with a bailout.

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