News Summary: Cyprus banks to reopen with controls

President: Cyprus central bank to impose capital controls when banks reopen

Associated Press

OPEN AGAIN: All banks in Cyprus except the two largest will reopen for business Tuesday — more than a week after they shut down to prevent a run by customers — now that the country has clinched a vital bailout deal.

WITH LIMITS: The central bank will impose some limits on financial transactions, the country's president, Nicos Anastasiades said, but assured the public that restrictions would be temporary.

THE BACKGROUND: The decision came after a deal to provide Cyprus with an international bailout was clinched in the early hours of Monday in a Brussels meeting between the 17-nation eurozone's finance ministers.

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