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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.

Even with the restrictions in place, the BBC adds that "branches were replenished with cash overnight and police and private security guards deployed amid fears of a run on the banks by customers."

On Morning Edition, Joanna explained how Cyprus became an international tax haven after 200,000 Greek Cypriots were forced to flee the northern part of the island when Turkish troops invaded in 1974 (current population: about 1.1 million). "Because the best agricultural land was in the north," Joanna reported, the new nation [in the south] based its economy on financial services." And over time, it became a popular place for wealthy Russians and other internationals to park their money.

But Cypriot banks made what turned out to be bad investments — notably, in Greek bonds that went bust after that nation's economy went sour in 2010.

Now, says Joanna, many Cypriots face the prospect of losing their jobs and the country "may have to start from scratch again, just like it did in 1974."

Morning Edition also had a conversation with University of Michigan Law School Professor James Hines about tax havens. According to Hines, the best tax havens are those with strong, transparent finance laws and a free press. Dictatorships, he noted, aren't attractive places to stash cash because dictators tend to make up the rules as they go along and there isn't an independent news media to keep them honest.

The world's biggest tax haven? Hines says it's the U.S. "By some measures, we are the best tax haven in the world, it just doesn't apply to "Americans," he said. "We're a great big one and Britain is probably No. 2."

The leaders of Brazil, Russia, India, China and South Africa – emerging economies that collectively are referred to as BRICS – announced Wednesday the creation of a development bank to fund infrastructure projects in developing nations.

"We have decided to enter formal negotiations to establish a BRICS-led new development bank based on our considerable infrastructure needs, which amounts to around $4.5 trillion for the next five years, but also to cooperate with other emerging markets and developing countries in future," South African President Jacob Zuma, the meeting's host, said Wednesday in Durban.

He added that the nations would also establish a "BRICS contingent reserve arrangement," which The Associated Press calls "a pool of money to cushion member states against any future economic shocks and further lessen their dependence on Western institutions" such as the World Bank.

Four of the five nations have been meeting since 2009 to discuss issues of mutual economic interests. South Africa began attending two years ago.

The bank would be the first institution set up by the informal grouping. But the leaders of the five nations failed to agree on just how much capital such a bank would need amid fears that China would play a dominant role in the institution, much as the United States and Europe do at the World Bank and International Monetary Fund.

Here's more from The New York Times about the grouping and the differences among individual members:

"For all the talk of solidarity among emerging giants, the group's concrete achievements have been few since its first full meeting, in Russia in 2009. This is partly because its members are deeply divided on some basic issues and are in many ways rivals, not allies, in the global economy.

"They have widely divergent economies, disparate foreign policy aims and different forms of government. India, Brazil and South Africa have strong democratic traditions, while Russia and China are autocratic.

"The bloc even struggles to agree on overhauling international institutions. India, Brazil and South Africa want permanent seats on the United Nations Security Council, for example, but China, which already has one, has shown little interest in shaking up the status quo."

Myanmar's top military commander says the armed forces, which ruled the country (also known as Burma) for nearly five decades, will continue to play a "leading role" as it transitions to democracy.

Wednesday's statement comes as pro-democracy opposition leader and Nobel peace laureate Aung San Suu Kyi, who spent years under house arrest on orders of Myanmar's ruling junta, attended her first Armed Forces Day military parade. She sat in the front row next to a senior general, in a scene that The New York Times says "symbolized what members of her [National League for Democracy] party say is a fledgling partnership, jarring to some, that recognizes the military's continuing power in a country moving toward greater democracy."

The country's top general, Min Aung Hlaing, addressing the attendees, called for a "well-disciplined democratic nation."

"While the country is moving toward modern democracy, our military plays a leading role in national politics," he said. "We will keep on marching to strengthen the democratic path wished by the people."

The Associated Press reports at Wednesday's parade in Naypyitaw:

"Helicopters buzzed over the hills. Fighter planes let off flares. Dozens of mud-green tanks, armored personnel carriers and small artillery guns rolled by. A commander barked out orders, and the clicking of row after row of boot-polished heels came back like thunder. ...

"[Myanmar's president], Thein Sein, is a former general himself but has led a flurry of democratic changes. Still, the military remains a potent political force and is guaranteed 25 percent of seats in parliament, which is enough to block constitutional amendments."

Brad Guzan swatted away shot after shot and the U.S. team hung on for a 0-0 draw with Mexico Tuesday night, earning only its second point in a World Cup qualifier at Azteca Stadium.

The tie moved the U.S. into third place in World Cup qualifying for the North and Central American and Caribbean region after three of 10 matches, one point behind Panama and behind Costa Rica on goal difference. The Americans and Costa Ricans both have four points, but the Ticos, who earlier Tuesday lost their appeal over Friday's loss to the United States in a Colorado snow storm, are ahead on goal difference.

Mexico coach Manuel de la Torre is sure to come under fire after a third straight draw, which dropped El Tri to second-to-last place in the standings. Mexico had plenty of chances, but El Tri was plagued by poor finishing and dismal execution on set pieces. Mexico had 15 corner kicks, including three in the last two minutes of stoppage time, and Guzan body-blocked a dangerous shot by Angel Reyna.

Azteca is one of the world's most imposing venues, and the Americans have a miserable track record there. They are 0-13-2 in World Cup qualifiers in Mexico, with their only other point — also from a 0-0 draw — coming in 1997.

But the Americans got a boost of confidence from their win in an exhibition last summer, and not even a patchwork — and inexperienced — lineup could shake them. Coach Jurgen Klinsmann gambled by starting Matt Besler at center back, only the second appearance for the Americans by the young defender. But he and Omar Gonzalez — the last two Major League Soccer defenders of the year — looked like grizzled veterans as they repeatedly snuffed out shots by Javier Hernandez, Javier Aquino and Jesus Zavala.

Mexico dominated possession, and Aquino, Hernandez and Zavala repeatedly tested the inexperienced American defense, picking on DaMarcus Beasley in particular after he picked up a yellow card in the eighth minute. But Gonzalez came up with one big play after another, and Besler looked quite comfortable in the Azteca pressure-cooker.

But they got some help from El Tri, which blew numerous chances, including what should have been a couple of gimmes for Hernandez.

The Manchester United striker misplayed a bouncing corner kick in the 87th, getting only the back of his right foot on it. He pitched forward and into the net, but the ball popped skyward and over the goal. In the 28th minute, Jorge Torres Nilo sent a perfect cross in to Chicharito, who was right in front of the goal, just a few feet from Guzan. But Hernandez skied that one, too.

Guzan, who made his first start since 2010 in Friday night's qualifier, was superb. When Carlos Salcido lobbed a gorgeous chip shot to Zavala in the 43rd, Guzan ended the threat by coming out and slamming into Zavala. Not only did Guzan clear the ball, Zavala was called for a foul.

The Americans also got a bit lucky. Mexico could have been awarded a penalty kick for a first-half foul by Michael Bradley on Chicharito. And El Tri probably should have been awarded one in the 76th when Maurice Edu took down Aquino from behind with a sliding tackle. The Mexico players were livid when no penalty was called, surrounding Guatemalan referee Walter Lopez. Lopez didn't back down, though replays showed Edu had clipped Aquino's foot.

The United States never really challenged Mexican goalkeeper Guilermo Ochoa. But their defense was offense enough, and the Americans were thrilled to leave Azteca with a rare point.