Cyprus’s Banks Open After Two Weeks as Controls Curb Panic

Cyprus’s banks opened for the first time in almost two weeks, with new rules curbing access to cash preventing an initial panic to withdraw deposits, according to Bloomberg.

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 “We expected much more people,” said Argyros Eraclides, manager of a Bank of Cyprus Plc branch in the Stavrou area of Nicosia. “Fortunately there are only some people who needed cash for the day, but customers reacted fantastically. We expected some people to be more aggravated.”

Banks opened at midday local time today, with lines of about 15 to 20 people waiting to enter branches in the Cypriot capital. They close at 6 p.m. The Central Bank of Cyprus’s controls include a 300-euro ($383) daily limit on withdrawals and restrictions on transfers to accounts outside the country....

Read more at http://www.bloomberg.com/news/2013-03-27/cypriot-banks-to-open-for-first-time-in-2-weeks-with-cash-curbs.html