Cyprus Stock Exchange announced on Tuesday its decision to extend the suspension of trading for Tuesday and Wednesday to ensure "the proper functioning of the Stock Market and to protect investors."
"The Cyprus Stock Exchange (CSE) further to the announcement dated 19 March 2013, announces that by a decision of the Chairman of the Council and the Director General- CEO of the CSE, taken in accordance with Article 183 of the Securities and Stock Exchange Law, which was ratified by the Council of the Stock Exchange in today’s extraordinary meeting in accordance with Article 184 of the Law and in view of the developments in the economy and the continuation of the bank holiday, the suspension of trading of all securities listed on the Stock Exchange is extended for the purpose of ensuring the proper functioning of the Stock Market and to protect investors," the CSE said in a press release.
The Central Bank announced late Monday its decision to extend a bank holiday on Tuesday and Wednesday following a decision taken by the Eurogroup to resolve the Cyprus Popular Bank whose good part will be folded in Bank of Cyprus. The latter will be recapitalized through a deposit/equity conversion.
Excluded from the international markets, Cyprus applied last June for financial assistance from the EU bailout mechanism, after its two largest banks sought state following massive write down of the Greek bonds holdings amounting to €4.5 billion. In a decision early Monday morning, the Eurogroup announced it would provide a financial assistance package amounting to €10 billion.
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