Banks in Cyprus reopened to customers for the first time in nearly two weeks Thursday with strict restrictions on transactions to stop people from withdrawing all their savings and triggering further chaos in the country's financial system
LONDON (CNNMoney) Banks in Cyprus opened their doors Thursday for the first time in nearly two weeks with strict limits on the amount of cash people can withdraw as authorities tried to prevent money draining out of the economy following a bailout by the European Union.
Cyprus became the first eurozone country since the currency was launched on Jan. 1, 1999, to place restrictions on how much money individuals and companies can take across its borders after confidence in its outsized financial system was shaken by the bailout terms.
Queues formed outside bank branches in the capital Nicosia amid tight security but there was no evidence of panic. The stock exchange said it would remain shut until April 2 to give market participants time to adjust to the restrictions on financial transactions.
Video: Coming in to get their money. But they can only withdraw a small portion