Calm in Cyprus as banks re-open with tight security

Rick Moran
Don't think that politicians in Europe aren't watching the reaction of citizens in Cyprus to the re-opening of banks after a 12 day holiday, with strict capital controls. By all reports, things are calm and since there is a 300 euro limit for withdrawals a week, there hasn't been a run on deposits. Resignation seems to be the mood of the people, as the BBC reports: Branches began to open at noon local time (10:00 GMT) and will close at 18:00 (16:00 GMT). Some did not open on time, causing tension among customers. The longer queues were forming outside branches of Laiki, which is being wound up. One customer in a queue in Nicosia told the BBC's Tim Willcox he was withdrawing the allowed daily amount of 300 euros ($383; £253) but would take out all of his money if he could. Our correspondent says the predictions of a stampede did not materialise and in some places there were more journalists than depositors. Another customer, jewellery shop owner, Roula Spyrou, told AFP...(Read Full Post)

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