News Summary: Cyprus banks reopen after crisis

News Summary: Cyprus banks reopen, with capital restrictions that may be lifted in a month

Associated Press

OPENING THE VAULT: Banks in Cyprus reopened for the first time in nearly two weeks, with strict controls to stop people from taking out all their savings and plunging the country's financial system into chaos.

CAPITAL CAPS: The limits, which include caps on withdrawals and money leaving the country, are a first in the 14-year history of the euro. They may be lifted in a month.

THAT'S THE BRAKES: Banks were shut to prevent people draining their accounts as politicians scrambled to come up with a plan to allow the country to qualify for $12.9 billion in international bailout loans.

View Comments