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FOR THE FIRST time since they were forced to close on 16 March, banks in Cyprus are set to reopen today.
Armed security guards have been posted, but there was no sign of customers queuing early for access to their cash.
Tellers, who unlike in other European countries are not housed behind glass security, have urged customers not to vent their frustrations on them when bank doors open at 10.00am Irish time for the first time in almost two weeks.
Depositors face several restrictions to prevent a run on the banks that could wreak havoc on the island’s already fragile economy, with daily withdrawals limited to €300.
Under a deal agreed in Brussels on Monday, Cyprus must raise €5.8 billion to qualify for a €10 billion bailout from the “troika” of the European Union, European Central Bank and International Monetary Fund.
Depositors with more than €100,000 in the top two banks, Bank of Cyprus and Laiki or ‘Popular Bank’, face losing a large chunk of their money.
Five shipping containers reportedly filled with billions of euros were delivered to the central bank in Nicosia late last night.
Additional reporting © AFP, 2013
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Armed guards to prevent u from getting your money out of the banks. Haha.
I’m sure they’re there to prevent any unrest and unruly behaviour, not to prevent you from accessing your money…
Armed guards to protect bank staff, they are entitled to safety while they work at the end of the day. Wouldn’t you want to feel you are safe from being beaten up while at work?
What people also forget is one of the banks is closing so effectively half of the bank staff will now be without jobs,
sure the bank staff will be safe as anyone else, they were out protesting with the people and the people know this and won’t forget it either. meanwhile in Ireland we did…
It’s my money Father I just didn’t want to fill out the forms -springs to mind every Island has a JR ..!!
Again a 300 cap on your own money !!!! Banks will never be seen in the same light again
Have EU and IMF declared war on the cypriot people? Seems like it to me.
it’s time we all declared war on the EU and the IMF!!
Yea, and I bet there was no Russians in the queue
Keep your money at home folks its actually safer there. We are going to wake up one morning and find an EU wide scenario. Dont be fooled into thinking the Euro is to big to collapse.
Sterling or dollars for me.
Brass rat, Are you suggesting I keep my €134.56 under my mattress? Far too dangerous, my wife could find it.
Sterling and dollars are just as bad, probably in a lot worse state than the Euro. Bitcoins, gold or silver.
One day…. You’re going to need a car loan, a mortgage, some life assurance, a business loan, a merchant account, revolving credit facility for that business etc. a teller will ask you about your savings, investments, ability to manage finances and you’ll put a biscuit tin of bank notes, a gold bar and a wad of scribbled notes on the desk…. And will be promptly laughed out of the building…
I agree, when you save you are inadvertently ‘investing’ in cash. Say you get 2% return on your investment over time, the principle plus interest is degraded due to inflation. Investing in commodities, however, is the way to go. Silver in particular. The banking system has proved a failure. Modern democracy is faint due to the fundamental principles on which it was founded…on the strength of the banking system. It’s the beginning if the folks. Interesting times ahead. Just wait ’til the dollar collapses in the next few years. That won’t be any kind of fun.
I have just moved a hefty amount of savings from my euro account in Ireland to a sterling account in London, much to the annoyance of my bank manager.
Put it in the freezer labelled “Chicken Liver”.
yes buy dollars that are in reality worth less than 4 cent per dollar ahahahahahaha
Who next..well if you listen to Eddie Hobbs ( on twitter as he has been muted recently ) it will be slovina. We should run a book on who will be next and give two fingers to the markets #contagionmehoop
Nobody listens to Eddie Hobbs
he seems to have a good idea about what’s going on,at least he isn’t telling us that we have turned a corner.
nobody listens to Eddie at our peril http://www.ownouroil.ie/index.php
Captilalism is failing big time. The rich get richer and the poor more poor. Corporations are taking over the world and holding countries to ransome
Seems like that’s how it’s supposed to work to me
and we allow it, they don’t roll over as easy in other countries though fair played to them
Angela is being very generous. Yes you may have your money. But only 300. But I’m going on holidays that we booked 8 months ago and need 3000. No. 300 or nothing. Get out. Does this new departure in European banking mean that If reversed and a bank robber only steals 25% of the banks available funds its not actually stealing. It’s entrepreneurial skills at its best?
Somebody please correct me if Im wrong, but I think they are still allowed use their cards to buy things..They just aren’t allowed withdraw the cash
There’s a limit on cards as well.
My friend is Cypriot and has said no one is accepting cards. Just cash. And why would you as a business if there is a chance you may not get paid the full amount but your suppliers will demand full payment. It’s a farce.
If i rob a bank i will 10years in prison.if the Government rob it, they get a top up in salary,
@Andrew – People can keep their wages coming into the bank – and keep money for paying bills etc that way you still have a recorded history with the bank.
Just keep your savings away from them.
Have EU and IMF declared war on the cypriot people? Seems like it to me
So a small country has survived 12 days without the banks being open to the public. Would be in an interesting case study to see how the local economy fared – is it a cash economy, were businesses able to do account transactions and so on.
The answer simply is that it’s not performing, because they will not cash cheques, the lifeblood of small businesses. Many people in Cyprus still get paid too by cheque. The moral of the story is that functioning banks are a necessary evil.
Galways weekly march in solidarity with everyone suffering, every Sunday from the Cathedral at 12 midday
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