The Cyprus Police is on alert, in the light of the re-opening of the banks, which have been closed for almost two weeks now, since Eurogroup’s initial decision on the 16^th of March.

In statements to the Cyprus News Agency, Police Spokesman Andreas Angelides said that the police are fully prepared to deal with any possible incidents that may arise from outraged citizens, due to the prolonged closure of banks.

He added that the police have taken all necessary measures.

The police Spokesman called upon the public to remain calm and take protective measures.
Banks in Cyprus reopen for business on Thursday, from 1200 to 1800 local time (1000-1600 GMT), and on Friday will return to their normal opening hours.

The Central Bank of Cyprus announced yesterday a series of restrictions on transactions which will be in place for four days and will be further reviewed afterwards.

The banks have been closed since March 16, after the first Eurogroup decision on Cyprus on March 15, which imposed a levy of around 6% to all Cypriot bank deposits under 100,000 euro and 10% on deposits more than 100,000 euro. The Cypriot Parliament had rejected the legislation. As a result, Eurogroup has reached an agreement with the Cypriot authorities on March 25th on the key elements necessary for a future macroeconomic adjustment programme of 10 billion euro.

A haircut of around 40% on deposits over 100.000 euro at Cyprus’ largest bank, Bank of Cyprus will be imposed, whereas Laiki Bank will be resolved in a good and bad bank immediately – with full contribution of equity shareholders, bond holders and uninsured depositors – based on a decision by the Central Bank of Cyprus, using the newly adopted Bank Resolution Framework. Laiki deposits of up to 100.000 euro are guaranteed.

The program also provides for downsizing of the public sector and privatizations.

Excluded from international markets, Cyprus applied in June 2012 for financial assistance, after its two largest banks sought state aid, following massive write downs of their Greek bond holdings amounting to €4.5 billion or 25% of the island`s GDP, as a result of the Greek sovereign debt haircut.