Strike shuts down Cyprus banks again

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Strike shuts down Cyprus banks again

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Workers at Cypriot banks took part in a strike on April 4. They are fearful for pensions – after the country’s two largest lenders were hit with huge losses under an international bailout agreement.

The Cyprus Bank Employees Union, which represents 11,000 workers, called a two hour stoppage from 10.30 local time.

Michael Sarris, who resigned as Finance Minister this week, says economic recovery is a long way off:

“If one was to be realistic, I think the prospects for the economy for the next few months are very, very unfavourable,” Sarris said.

Harris Georgiades has succeeded Sarris at the helm of the fragile economy. He says Cyprus is committed to meeting all the terms of its 10 billion euro rescue package from the EU and the International Monetary Fund (IMF) secured at the end of March.