Cyprus banks reopen amid tight security

Banks in Cyprus have reopened after a two-week closure sparked by discussions over an EU-IMF bailout, amid tension over possible large scale withdrawals., the BBC reports.

Branches were replenished with cash overnight and police and private security guards deployed amid fears of a run on the banks by customers.

But they face strict controls on the amount they can withdraw each day.

The restrictions on the free movement of capital represent a profound breach of an EU principle, correspondents say.

However, the European Commission on Thursday justified the move, saying the “stability of financial markets and the banking system in Cyprus constitutes a matter of overriding public interest”.

Cyprus is the first eurozone member country to bring in capital controls.


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