Panic averted as banks re-open after 12 days

Cyprus averted panic withdrawals as banks opened yesterday for the first time in almost two weeks, with government controls on access to cash leading to orderly lines rather than runs on deposits.

“We expected much more people,” said Argyros Eraclides, manager of a Bank of Cyprus branch in the Stavrou area of Nicosia.

“Fortunately there are only some people who needed cash for the day, but customers reacted fantastically. We expected some people to be more aggravated.”