Cyprus Banks In 'Race' Ahead Of Reopening

By Tom Parmenter, Sky News Correspondent

Banks in Cyprus are in a "race against time" to be ready to reopen their doors today.

For nearly a fortnight banks have been closed after Cyprus was plunged into its biggest crisis since the Turkish invasion of the island in 1974.

The terms of the EU bailout agreed in Brussels mean there has been a state of financial limbo and widespread confusion.

Cheques have not been banked, people have not received their wages and regular payments have not been processed.

Thousands of people are expected to descend on the banks when they finally reopen their doors. One employee at his desk at the doomed Laiki bank told Sky News colleagues were in a "race against time" to be ready.

Police and security staff will be deployed to maintain order at branches and are hopeful of preventing a mass run on the banks.

An out-of-order cashpoint in Nicosia. Most machines are said to be working.

Staff from G4S have been working 24/7 since this crisis began ensuring cash machines have been filled up night after night.

The giant global firm was the contractor that failed to meet their promises over security at the London Olympics prompting the British military to step in.

G4S's managing director in Cyprus, John Arghyrou, told Sky News: "I feel we have the resources, I feel extremely confident as a security company that we can undertake and meet the requirements of our customers."

Some 180 guards will be deployed to banks across Cyprus to work alongside police officers and other security firms.

Mr Arghyrou added: "It is not really guarding it is assistance services ... but close co-operation with the police is essential."

A spokesman for the Cypriot police told Sky News he was "unable to disclose" full details of their plans but said they do not expect to need officers at every branch.

Cypriots protesting against austerity measures

People will be limited in the amount of money they can withdraw. Early reports indicated there would be a 300 euro (£253) cap on withdrawals and a limit of 3,000 euros (£2,530) on the amount of cash individuals can take abroad.

The use of credit and debit cards abroad is reportedly going to be being restricted to 5,000 euros (£4,223) a month, while the cashing of cheques is set to be banned.

Hari Tsoukas a business analyst in Nicosia told Sky News: "In the short term it maintains our position as a very peculiar member of the eurozone - nowhere else has these kind of capital controls but on the other hand it is necessary.

"People are angry. Communications with customers has been non-existent.

"The crisis management has been appalling, the best thing would be to set up some kind of hotline so at least people can call to get information."

Most banks in Cyprus will reportedly reopen at midday on Thursday, which is 10am UK time. They are due to stay open until 6pm local time, 4pm in Britain.

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