Arab Today, arab today armed guards on call as cautious cyprus banks reopoen
Last Updated : GMT 15:08:51
Arab Today, arab today
Arab Today, arab today

€300 withdrawal limit amid concerns of bank run

Armed guards on call as cautious Cyprus banks reopoen

Arab Today, arab today

Arab Today, arab today Armed guards on call as cautious Cyprus banks reopoen

Cypriots queue outside banks after 2 weeks of financial lockdown
Nicosia - Arabstoday

Cypriots queue outside banks after 2 weeks of financial lockdown Banks in Cyprus reopened under armed guard on Thursday after a nearly two-week lockdown but customers faced harsh curbs to stop them draining the island\'s coffers after its eurozone bailout. Queues of dozens of people formed before the doors swung open at 1200 hrs (1000 hrs GMT) for the first time since March 16, and there were tensions as a few branches opened late, with customers banging on the doors.
World markets were jittery over the crisis, which has seen capital controls imposed for the first time by a eurozone economy in order to prevent financial meltdown after the €10bn ($13bn) EU-IMF rescue package.
\"It will be a very bad day -- there will be swearing and a lot of anger,\" Philippos Philippou, an unemployed electrician told AFP outside Laiki bank in Nicosia\'s Makarios Street where about 12 people were lined up.
Banks were handing out lists of the controls including a daily withdrawal limit of €300 ($385), imposed to prevent a run on the banks that could wreak havoc on the east Mediterranean island\'s already fragile economy.
Five shipping containers reportedly filled with billions of euros were delivered to the central bank late Wednesday, an AFP photographer said. A helicopter and police cars accompanied the cash convoy.
The Cyprus stock exchange remained closed.
Most banks in Nicosia had between one and three guards posted at their entrances early morning, some of them carrying weapons -- an alien sight in the generally peaceful tourist island.
There were queues of up to 25 people at other banks.
Cypriot authorities appealed on television late Wednesday for people to give priority to the elderly as many do not have credit cards and have to withdraw their money over the counter.
Roula Spyrou, aged 50, a jewellery shop owner, said she would not bother going. \"There\'s going to be queues so I\'m not going to spend so many hours there to get €300,\" she said.
The restrictions -- which last for a week before they are reviewed -- also ban the cashing of cheques and ordered those travelling abroad not to take more than €1,000 out of the country.
Under a deal agreed in Brussels on Monday, Cyprus must raise €5.8bn to qualify for the full €10bn loan from the \"troika\" of the European Union, European Central Bank and International Monetary Fund.
Depositors with more than €100,000 in the top two banks -- Bank of Cyprus (BoC) and Laiki or “Popular Bank” -- face losing a large chunk of their money.
Banking employees union ETYK said staff were ready to go back to work but urged the public not to blame them for the tight controls. Unlike in other European countries Cypriot tellers are not housed behind glass barriers.
Monday\'s deal kept the Mediterranean island from crashing out of the euro -- but it has provoked fury at home.
Finance Minister Michalis Sarris said on Wednesday that Cyprus \"will see worse days in 2013...the economy will go into deeper recession.\"
On Wednesday, around 1,500 anti-austerity protesters marched on the presidential palace.
Bank workers could be among the worst hit by the bailout as it demands major reforms to its banking system, which is heavily dependent on Russian money.
The bailout involves restructuring the Bank of Cyprus and eventually winding down Laiki, whose \"good\" assets will be absorbed by the bigger bank. BoC\'s chief executive was sacked on Wednesday.
Cyprus is the first eurozone country to impose capital controls after bailouts -- unlike Greece, Spain, Portugal and Ireland, which have also received multi-billion-dollar rescue packages.
As well as raising concerns that other countries could face similarly harsh bailouts in future, the move has raised fears that it could effectively create \"two euros\" as euros trapped in Cyprus are effectively worth less.
But the European Commission said on Thursday there was \"a matter of overriding public interest\" in imposing the controls to maintain the stability of the financial system and of Cypriot banks.
Asian markets mostly fell Thursday and the euro sat around four-month dollar lows as eurozone fears reared again over Cyprus and also as Italy\'s politicians remain unable to form a government weeks after an election.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today armed guards on call as cautious cyprus banks reopoen Arab Today, arab today armed guards on call as cautious cyprus banks reopoen

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today armed guards on call as cautious cyprus banks reopoen Arab Today, arab today armed guards on call as cautious cyprus banks reopoen

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Russia and Iraq restore air travel

GMT 11:40 2017 Monday ,18 September

Russia and Iraq restore air travel
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today 600,000 children may flee to Bangladesh

GMT 06:49 2017 Monday ,18 September

600,000 children may flee to Bangladesh
Arab Today, arab today Equifax executives step down

GMT 16:16 2017 Saturday ,16 September

Equifax executives step down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today New Zealand opposition looks

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks
Arab Today, arab today 5,000 'Dieselgate' deaths in Europe per year

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Five trends at the Frankfurt auto show

GMT 12:04 2017 Monday ,18 September

Five trends at the Frankfurt auto show
Arab Today, arab today Renault-Nissan to launch

GMT 10:44 2017 Saturday ,16 September

Renault-Nissan to launch
Arab Today, arab today Eman Al Assy receives three offers

GMT 06:31 2017 Saturday ,16 September

Eman Al Assy receives three offers
Arab Today, arab today 'Severe' Typhoon Doksuri pounds Vietnam

GMT 15:49 2017 Friday ,15 September

'Severe' Typhoon Doksuri pounds Vietnam

GMT 11:10 2017 Friday ,15 September

Fadl Shaker retreats from surrendering himself

GMT 05:05 2017 Tuesday ,12 September

Pregnant woman's suicide roils China

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 10:25 2017 Thursday ,14 September

Greece fumbled oil spill response

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:45 2017 Sunday ,17 September

France's hurricane-hit St Martin

GMT 11:53 2017 Saturday ,16 September

Jolie effect helps Namibian tourism

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:56 2017 Friday ,15 September

Apple's grand plan in Ireland held up by a forest

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday