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Cyprus banks to reopen with emergency restrictions on cash withdrawals

Guardian – Cyprus has made eurozone history by imposing swingeing measures to stop money flooding out of the country when its banks reopen after a 12-day hiatus  on Thursday.

After repeatedly delaying the reopening of the banking system, officials said banks would finally open at noon local time, raising concerns that customers will scramble to remove savings on which they could otherwise be facing losses of at least 40%.

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