News Summary: Cyprus readies for banks to reopen

AP News
Posted: Mar 27, 2013 2:05 PM

TAKING PRECAUTIONS: Cyprus has imposed limits on money transfers and hired extra security guards as it prepares for the planned reopening Thursday of its banks. The restrictions will be kept for at least a week.

CLOSED BANKS: Cypriot banks have been closed for almost two weeks to avoid a run during the country's financial drama over a needed $13 billion bailout deal.

THE BACK STORY: As part of the deal, Cyprus had initially planned to seize up to 10 percent of people's bank accounts to raise the needed money, enraging depositors. Under a deal struck Monday, large depositors will still have heavy losses.