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An elderly woman (R) looks at a savings book as people wait in line in front of a branch of the Laik Bank in Nicosia, Cyprus, 28 March 2013. Photo by EPA/BGNES
Cyprus has become the first eurozone member country to bring in capital controls as its banks reopened on Thursday amid tough curbs.
The move is highly controversial and foreign correspondents are unanimous that the restrictions on the free movement of capital represent a profound breach of an EU principle.
However, the European Commission on Thursday justified the move, saying the "stability of financial markets and the banking system in Cyprus constitutes a matter of overriding public interest".
But it added that "the free movement of capital should be reinstated as soon as possible".
The vice-president of the Cypriot Employers Federation, Demetria Karatoki, told the BBC he believed the country could pull through.
"Although there is going to be hardship, at the end of the day we can start rebuilding our economy on a sound basis," he said.
The ordinary people however say they no longer trust politicians and fear that all the business in Cyprus will soon collapse.
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