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Cypriot cash controls set to stretch into May

Cypriot cash controls set to stretch into May
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Authorities in Cyprus say the capital controls, in force to prevent the flow of cash from the island, look set to remain beyond the initial seven day period.

Cypriot banks reopened for the first time in 10 days and reports from Nicosia suggest that people queued in an orderly fashion and none of the feared chaos came to pass.

In an act of solidarity the president and his government took a pay-cut as the country faces an uncertain financial future.

Cypriot Foreign Minister Ioannis Kasoulides indicated the capital controls may stretch into May.

“Gradually – probably in the period of a month or something, according to estimates of the central bank and according to developments – the restrictions will be fully lifted,” Kasoulides said.

The government has announced it is to set up a panel to investigate the reasons behind the banking collapse; its remit will include criminal, civil and political responsibility.

As night fell in Nicosia on Thursday, members of the extreme right-wing National Popular Front took to the streets to voice their opposition to the government, the banks and the EU.