Cyprus Hires Additional Security Officers for Bank Reopening
Cyprus has imposed limits on money transfers and hired extra security officers as it prepares for the planned reopening of its banks Thursday, which have been closed for nearly two weeks to avoid a run during the country’s financial distress, The Associated Press reports.
Private security firm G4S will dispatch 180 of its staff to all bank branches across the island to prevent any possible trouble, says John Argyrou, managing director of the firm’s Cypriot arm. While he says that he doesn’t foresee any serious trouble unfolding once banks open their doors because people have had time to “digest” what has happened.
Another 120 staff from G4S would be assigned money transportation duties, AP reports.
Read the full report on the bank crisis in Cyprus here.