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Wednesday, April 3, 2013

Cyprus Braces for Bank Openings

NICOSIA—Cyprus's government raced Wednesday to prepare for its banks' scheduled reopening after a two-week hiatus, stitching together temporary capital controls to prevent deposits from fleeing the weakened institutions.

Amid fears that nervous savers could descend on the island's banks, the government was readying aggressive curbs, expected to last at least a week and possibly much longer, on cash flows out of the country.

Meanwhile, a Cypriot lawmaker demanded a probe into account holders who he said had moved large sums out of the country in the weeks before the government began negotiating its new bailout deal.

Cyprus's banks are due ...

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