Cyprus Banks Reopen

    Image #: 21787681    A cleaning lady wipes dust off an ATM outside a branch of the Bank of Cyprus in Nicosia March 28, 2013. Cypriots are expected to descend in thousands on banks, which reopen on Thursday, with tight controls imposed on transactions to prevent fleeing depositors from cleaning out the vaults in a catastrophic bank run. REUTERS/Yannis Behrakis (CYPRUS - Tags: BUSINESS POLITICS)       REUTERS /YANNIS BEHRAKIS /LANDOV

    Yannis Behrakis/Reuters/Landov

    After a nearly two-week shutdown to negotiate an estimated $13 billion bailout package, banks reopened Thursday amid cheers in Cyprus. Trucks loaded with cash arrived to the central bank in the capital Nicosia late Wednesday evening, where they then departed to outlying banks. According to economists, the banks will operate under rigid rules, including a limit on withdrawals and other transactions. Despite the opening, tension remains high in Cyprus, with one business owner saying he was nervous about the bank workers. “I’m worried about the poor kids working in the cashiers today, because people might vent their anger at them. You can’t predict how people will react after so many days.” The country reached a bailout agreement with the EU earlier this week.

    Read it at Reuters