Uncertainty and frustration as Cyprus waits for banks to reopen

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Uncertainty and frustration as Cyprus waits for banks to reopen

Uncertainty and frustration as Cyprus waits for banks to reopen
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The turmoil at banks in Cyprus is ongoing, as customers continue to wait for their reopening tomorrow.

Following the resignation of the Bank of Cyprus chairman Andreas Artemis on Tuesday when a special administrator was appointed, Chief Executive Yiannis Kypri was been fired on Wednesday.

Not being able to access money and all the volatility is taking its toll, according to one woman in Nicosia who said: “People are depressed, no one knows what tomorrow will bring, it’s all drama.”

The bank closures are now in their second week, leaving people with limited cash.

“You can’t really do anything. People don’t have any money on them. They’re scared and uncertain. We don’t know if banks will open tomorrow,” complained Nicosia resident Andreas Antoniou.

Agreeing to a 10 billion euro bailout means that people with more than 100,000 euros in a Cypriot bank account will have some of it taken away in a levy.

It is not only the super-rich who are affected – many people have saved money for their retirement., such as British citizen Terry Rose, who lives in Limassol.

“I really think they should not touch my money,” he said.

“I don’t know how they can do it though. But you know, what can we do, I mean, I wish we never came,” added his wife Hazel.

The UK government flew in 13 million euros over the weekend to pay staff at two military bases on the island, but what about the other ex-pats living in Cyprus?

Ann Bruce is a British owner of a Limassol cafe. She said:

“There are a lot of people who come here with very sad stories. And it’s worrying, it’s frightening that the banks, an official organisation that for years we’ve trusted (can act this way). Now you can’t trust them any more.”

There is still no confirmation of how big the levy on bank accounts will be or how long capital controls will remain in place.