Cyprus' President Urges Cypriots to 'Share the Burden'
Cyprus' president called on the country to "share the burden" of solving its financial crisis Friday as banks opened for normal business for the second day.
Cyprus' president called on the country to "share the burden" of solving its financial crisis Friday as banks opened for normal business for the second day.
Banks in Cyprus opened their doors on Thursday for the first time in almost two weeks, with tight controls on transactions to prevent a run on deposits.
Cyprus will impose limits on money transfers and dispatch extra security guards to prepare for Thursday's reopening of the banks, which have been shut for almost two weeks.
Banks across Cyprus remain locked Tuesday after financial authorities extended the country's bank closure, fearing worried depositors will rush to drain their accounts.
Any bailout of Cyprus will have to involve some kind of levy on depositors, a eurozone finance chief says.
Cyprus is working on a secondary proposal to stave off bankruptcy, after lawmakers rejected a plan to raise billions of euros by seizing up to 10 percent of people's savings.





