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Cash-starved Cyprus no more tax haven

Cash-starved Cyprus no more tax haven
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Finally Cypriots could get into their banks, after two weeks of locked doors. When they reopened, in spite of anger over feelings that their accounts had been held hostage, people were generally calm, Russian television reported on the period of closure.

Before opening on Thursday, armoured cars delivered cash to the vaults. The European Central Bank had made extra notes available to the Bank of Cyprus to meet the demand after two weeks of keeping account holders on a drip feed, French television reported on the run-up.

The two weeks of cash freeze was especially hard on old people, retired people who didn’t have a card to draw money out of the ATMs. A lot of them have gone to public charity kitchens to eat, Swiss television reported.

Cyprus joined the European Union in 2004, having rejected a UN plan to reunite the divided island. It became a member of the euro group in 2008. It benefited from those moves. But now the tables have turned. Spanish television reported from the northern, Turkish Cypriot part of the island.