Cyprus reopens banks under tight restrictions

Cyprus reopens banks under tight restrictions

 

Cypriots queued calmly at banks as they reopened on Thursday under tight controls imposed on transactions to prevent a run on deposits after the government was forced to accept a stringent EU rescue package to avert bankruptcy.

Banks were shut almost two weeks ago as the government negotiated a 10 billion euro ($13 billion) international bailout, the first in Europe’s single currency zone to impose losses on bank depositors.

Bank staff turned up for work early in Nicosia as cash was delivered by armored trucks, and queues of at least a dozen people formed at some branches in the capital. Doors opened at noon (6:00 a.m. EDT)