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article imageCyprus banks reopen

By Katerina Nikolas     Mar 28, 2013 in World
Banks in Cyprus have now reopened for business after being closed since March 16., though the Cypriot stock exchange remains closed. Draconian capital controls are in place to prevent a bank run.
The banks reopened at noon. The Cyprus Mail reported long queues are forming outside the Bank of Cyprus and the Laiki, the two banks where uninsured depositors are now estimated to lose between 40 to 80 percent of their holdings.
Priority has reportedly been given to pensioners in many instances. No incidents of panic have yet been reported, but the banks have only been open for one hour.
The restrictions in place include no cashing of cheques, daily withdrawal limits of €300, and a limit of €1,000 allowed for people leaving the country. However, customers are free to pay money into their accounts and deposit cheques.
Ekathimerini reported a branch of the Bank of Cyprus in Volos, Greece, was attacked early on Thursday when two assailants threw two fire bombs at the banks ATMs.
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