Cyprus Bank Reopens but Depositors to Loose up to 80 Percent ~ Mike Rivero

Cypriots expressed fury and frustration – but confounded predictions of chaos and even violence – as they formed orderly queues on Thursday to enter the country’s banks, which reopened after being closed for nearly two weeks by a financial crisis that has shaken the foundations of the European Union and its common currency. There had been fears that branches would be besieged by angry customers in the wake of a 10 billion euro ($13 billion) bailout deal agreed to with Brussels in which one Cypriot bank will fold, another will be restructured, and depositors will be hit with heavy losses. The banks reopened only after the Cypriot government rushed through draconian capital control measures on Wednesday night, limiting cash withdrawals to just 300 euros ($384) per person per day and imposing harsh restrictions on credit payments and the transfer of money abroad. ( Christian Science Monitor )