It was anticipated that the weekend could bring finalized plans for how Cyprus would be dealt with by the Troika and parliament. The central problem that had revealed itself in the wake of the original indefinite bank holiday and subsequent ATM drain and protests, was how to stop capital flight when banks reopen, as well as a more widespread bank run across the Eurozone as trust in the banking system verges on collapse. The two largest banks in Cyprus saw the imposition of ATM withdrawal limits, which declined from 260 Euros to 100 Euros ahead of projected bank openings tomorrow, Tuesday -- Sorry, make that Wednesday. An urgent statement was issued by the Central Bank that, "For the smooth functioning of the entire banking system, the Finance Minister has decided upon the recommendation of the Governor of the CBC, that all banks remain closed until Wednesday, 27 March 2013 included." The ongoing closure makes this the longest in history. See other closures here.
One key indicator for just how orchestrated this has been, and how dangerous the outcome, is that a final deal was supposedly reached at a dinner with Mario Draghi, Christine Lagarde, Herman Van Rompuy, and José Manuel Barroso -- essentially the Four Horsemen of economic apocalypse.
The new decision has been made to honor those who were insured up to 100,000 Euros (as if it is some sort of gift), but to steal around 30% of the money of depositors at the Bank of Cyprus, and all of the money for the uninsured of Cyprus Popular bank...