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Cyprus banks to reopen under tight security Cyprus banks to reopen under tight security
(about 1 hour later)
Security is tight in Cyprus as banks prepare to reopen nearly two weeks after closing while a controversial bailout was negotiated.Security is tight in Cyprus as banks prepare to reopen nearly two weeks after closing while a controversial bailout was negotiated.
Armed police were on guard as lorries said to be loaded with cash arrived at the central bank on Wednesday night.Armed police were on guard as lorries said to be loaded with cash arrived at the central bank on Wednesday night.
Demonstrators took to the streets to protest against the bailout plan and strict capital controls. Demonstrators took to the streets to protest against the bailout and strict controls to stop a bank run.
The restrictions on the free movement of capital represent a profound breach of an EU principle, correspondents say.The restrictions on the free movement of capital represent a profound breach of an EU principle, correspondents say.
Cyprus is the first eurozone member country to bring in capital controls. Cyprus is the first eurozone member country to bring in capital controls, which it says will be temporary.
Customers will be limited to withdrawing 300 euros ($383; £253) a day, to prevent everyone fleeing with their savings.Customers will be limited to withdrawing 300 euros ($383; £253) a day, to prevent everyone fleeing with their savings.
Depositors with over 100,000 euros will also see their savings taxed in exchange for bank shares as Cyprus seeks to raise 5.8bn euros to qualify for a 10bn-euro bailout from the European Union, European Central Bank and the International Monetary Fund, the so-called troika. As part of the bailout plan, depositors with more than 100,000 euros will also see their savings taxed in exchange for bank shares as Cyprus seeks to raise 5.8bn euros to qualify for a 10bn-euro bailout from the European Union, European Central Bank and the International Monetary Fund, the so-called troika.
An earlier plan to tax small depositors was vetoed by the Cypriot parliament last week.An earlier plan to tax small depositors was vetoed by the Cypriot parliament last week.
Run fearsRun fears
In a statement issued on Wednesday, the ministry of finance insisted the measures were temporary and were needed to "safeguard the stability of the system".
It read: "The Central Bank of Cyprus and the government of Cyprus will review them each day, with a view to progressive lifting of the measures as soon as circumstances allow. "
Reuters reports that the stock exchange will remain closed on Thursday and will not reopen until after Easter.
Correspondents say some fear a stampede as banks in Cyprus reopen between noon and 18:00 local time (10:00-16:00 GMT), nearly two weeks after they closed and progressively stricter limits were placed on withdrawals at cash machines.Correspondents say some fear a stampede as banks in Cyprus reopen between noon and 18:00 local time (10:00-16:00 GMT), nearly two weeks after they closed and progressively stricter limits were placed on withdrawals at cash machines.
Armed police are on guard and hundreds of staff from the private security firm G4S will be guarding bank branches and helping to transport money, said the AP news agency.Armed police are on guard and hundreds of staff from the private security firm G4S will be guarding bank branches and helping to transport money, said the AP news agency.
Severe new rules have been imposed on money movements to prevent a torrent of money leaving the island and credit institutions collapsing.Severe new rules have been imposed on money movements to prevent a torrent of money leaving the island and credit institutions collapsing.
As well as the 300-euro daily withdrawal limit, Cypriots may not cash cheques. They can spend up to 5,000 euros on debit and credit cards. As well as the 300-euro daily withdrawal limit, Cypriots may not cash cheques.
Payments of over 200,000 euros require prior approval by a specially established committee - only the Cypriot government and its Central Bank are excluded. Payments and/or transfers outside Cyprus via debit and or credit cards are allowed up to 5,000 euros per person per month.
There is a cap of 5,000 euros on transactions with other countries and travellers leaving the country will only be allowed to take 1,000 euros with them. Transactions of 5,000-200,000 euros will be reviewed by a specially established committee ,with applications for those over 200,000 euros needing individual approval.
Travellers leaving the country will only be allowed to take 1,000 euros with them.
On Wednesday night, hundreds of protesters rallied outside the presidential palace, chanting: "I'll pay nothing; I owe nothing," the Reuters news agency reported.On Wednesday night, hundreds of protesters rallied outside the presidential palace, chanting: "I'll pay nothing; I owe nothing," the Reuters news agency reported.
Cyprus Finance Minister Michalis Sarris insists the controls are temporary, but many economists predict they could be in place for months. Many economists predict the controls could be in place for months.
The unprecedented restrictions represent a profound breach of an important principle of the European Union that capital, as well as people and trade, should able be to move freely across internal borders, says the BBC's economics correspondent Andrew Walker.The unprecedented restrictions represent a profound breach of an important principle of the European Union that capital, as well as people and trade, should able be to move freely across internal borders, says the BBC's economics correspondent Andrew Walker.
Meanwhile, depositors in Cypriot banks with more than 100,000 euros could see 40% of their funds converted into bank shares.
Bank mergerBank merger
Bank of Cyprus chief executive Yiannis Kypri confirmed he had been removed as head of the bank, which is the country's largest commercial lender.Bank of Cyprus chief executive Yiannis Kypri confirmed he had been removed as head of the bank, which is the country's largest commercial lender.
He said that he was forced to quit "upon demands of the troika", which comes after an administrator had been appointed to Bank of Cyprus to restructure the bank. It is being merged with the "good" parts of the failed Laiki Bank, which will be closed down.He said that he was forced to quit "upon demands of the troika", which comes after an administrator had been appointed to Bank of Cyprus to restructure the bank. It is being merged with the "good" parts of the failed Laiki Bank, which will be closed down.
But a European Commission spokesman denied that the troika had demanded Mr Kypri's removal.But a European Commission spokesman denied that the troika had demanded Mr Kypri's removal.
Bank of Cyprus chairman Andreas Artemis handed in his resignation on Tuesday, along with four other directors, but the bank's board rejected the resignations.Bank of Cyprus chairman Andreas Artemis handed in his resignation on Tuesday, along with four other directors, but the bank's board rejected the resignations.
Panicos Demetriades, the central bank governor, then sacked the entire board, according to the Cyprus News Agency.Panicos Demetriades, the central bank governor, then sacked the entire board, according to the Cyprus News Agency.
Mr Demetriades was widely criticised on Tuesday for suggesting that Bank of Cyprus was going to be wound up in the same way as is planned for Laiki Bank.Mr Demetriades was widely criticised on Tuesday for suggesting that Bank of Cyprus was going to be wound up in the same way as is planned for Laiki Bank.
His comments led to demonstrations, calls for his resignation from Bank of Cyprus staff, and a hastily-drafted denial from Mr Sarris.His comments led to demonstrations, calls for his resignation from Bank of Cyprus staff, and a hastily-drafted denial from Mr Sarris.