Banks in Cyprus reopened Thursday after being closed for a week in an attempt to prevent a bank-run. Depositors with accounts over 100,000 euros face a wealth tax imposed to raise money to secure a 10-billion-euro bailout by the European Union. Meanwhile, tight capital controls imposed on Cyprus banks could be lifted within a month, Foreign Minister Ioannis Kasoulides said. The restrictions include a limit of cash withdrawals of 300 euros a day and a 1,000-euro ceiling on money being taken out by travellers. Cyprus-based economic expert Louis Christofides explains the immediate effect of the measures and the consequences for Cypriots.
