The central bank governor Panicos Demetriades said the legislation was needed to avoid the collapse of Banks, particularly that of the country's second largest bank, the Cyprus Popular bank.

央行行长Panicos Demetriades称该法案是为了避免银行倒闭，尤其是该国第二大银行—塞浦路斯大众银行。

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The decree imposing the unprecedented measures for the euro-zone country will apply to all bank accounts, not just Cyprus Popular Bank and Bank of Cyprus.

WSJ: Cyprus Braces for Bank Openings

Beyond the immediate problems firms here will face because of a limit on transactions and a freeze of banking activity, Mr. Pilikos said he feared many of his organization's members wouldn't survive the blow delivered by the closure of Cyprus Popular Bank and the hefty haircut imposed on deposits in Bank of Cyprus.

WSJ: Cypriots Greet Bailout Deal With Wariness

The ratings firm downgraded Cyprus Popular Bank to D, equivalent of Default and Bank of Cyprus to "SD", "Selective Default".

WSJ: Greek Stocks Slump; Investors Play Catch Up on Cyprus Worries