Earlier this week, authorities assured Cypriotes the banks would reopen on Tuesday, however it was announced that banks in Cyprus are now scheduled to reopenthis Thursday, reported BBC News. The banks have been closed since March 16 as parliament and the European Central Bank struggled to make a bailout decision.
The percentage of tax that will be put on deposits over 100,000 euro is still being discussed, however the Cypriote finance minister has confirmed that it could be up to 40 percent. The people of Cyprus have been given a withdrawal limit at the ATM of up to only 100 euro (130 USD) a day. This ATM cap is expected to continue after all the logistics of the bailout have been determined.
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