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Banks in Cyprus reopened Thursday morning — after two weeks in which they had to keep their doors closed as European leaders worked out a bailout deal for the island's struggling financial sector in a bid to keep its problems from triggering similar crises in other ailing EU nations.
As Joanna Kakissis tells our Newscast Desk, "to prevent bank runs, the government has severely restricted cash withdrawals. These controls could last months." Daily withdrawals, for example, are limited to 300 euros (about $384), and no one can take more than 1,000 euros ($1,284) out of the country. Depositors who have more than 100,000 euros ($128,400) in their accounts face heavy taxes.