VOA Newscasts Latest program. VOA Newscasts. Previous Next. Cyprus Banks Reopen to Huge Crowds. March 28, AM. VOA News. Get Adobe Flash Player. Embed share Cypriot Banks Reopen Thursday. Embed share The code has been copied to your clipboard. Banks in Cyprus reopened Thursday after being closed for a week in an attempt to prevent a bank-run.
Depositors with accounts over , euros face a wealth tax imposed to raise money to secure a billion-euro bailout by the European Union. Meanwhile, tight capital controls imposed on Cyprus banks could be lifted within a month, Foreign Minister Ioannis Kasoulides said.
The restrictions include a limit of cash withdrawals of euros a day and a 1,euro ceiling on money being taken out by travellers. Cyprus-based economic expert Louis Christofides explains the immediate effect of the measures and the consequences for Cypriots.
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