Social implications of the economic crisis in Cyprus are growing day after day as businesses cannot pay employees their salaries, as the banks remain closed, while the number of people who seek help from social markets operating by municipalities and bishoprics of the Church of Cyprus increases.

In statements at CNA, Cyprus Employers and Industrialists Federation Assistant Director General Constantinos Christofides said that enterprises cannot pay employees and this creates many problems for the society and the economy.

He called on the government and the Central Bank of Cyprus to open the banks, since every day that passes by the damage for the businesses and the economy is growing.

Christofides also recommended business people to take measures to address the whole situation and the people to stay calm and be patient.

He said that meetings are being held at the Federation on how to address the situation and that they contacted the Central Bank, from which they received the answer that they are working on the final points of the procedures to be followed.

Replying to a question, he said that there a small number of businesses do not accept credit cards because their suppliers are only paid in cash.

Meanwhile the Bishopric of Tamassos and Orini and Lakatamia Municipality have received during the last days dozens of new applications from people who need to get help from their social markets, due to the fact that banks remain close and there are families who don’t have any money to get food.

Dozens of students staged on Tuesday a demonstration in Nicosia, chanting slogans against the Memorandum and the Troika.

Students marched at the House of Parliament, the EU House and the Presidential Palace.

All Cyprus commercial banks and cooperative credit institutions will remain closed until Wednesday March 27, according to a Cyprus Central Bank press release.

The decision was taken by the Minister of Finance Michalis Sarris on the advice of CBC Governor Panicos Demetriades with a view to ensure the entire banking system’s smooth operation.

According to the Eurogroup deal reached in Brussels for a Cyprus bailout, Popular Bank is being resolved with the full contribution of shareholders, bond holders and uninsured depositors – based on a decision by the Central Bank of Cyprus, using the newly adopted Bank Resolution Framework. The Popular Bank will be split into a good bank and a bad bank and Bank of Cyprus (BoC) will absorb the good bank and will be burdened with the €9 billion ECB’s Emergency Liquidity Assistance (ELA) provided Popular Bank.