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.

All banks in Cyprus will remain shut until Thursday, the country’s finance minister has ordered.

All banks in Cyprus will remain shut until Thursday, the country’s finance minister has decreed.

MPs in Cyprus are expected to vote on a new proposal to radically restructure the island's banking sector, as it teeters on the brink of financial collapse.

The euro was in line for further turmoil last night after the Cypriot parliament rejected the troika’s bailout terms and turned to Moscow for help.