Cyprus banks reopen - but stock exchange will remain closed Link to video: Cypriots wait anxiously for banks to reopen Cyprus's banks reopened their doors on Thursday, to limited queues, amid strict controls to stop people withdrawing all their savings and triggering a catastrophic bank run. The Cyprus stock exchange, however, said it would remain closed for the day, less than an hour before it was due to open for the first time in almost two weeks. The country had feared a stampede on the banks after a 12-day hiatus while the government negotiated a €10bn (£8.4bn) bailout package to avoid financial collapse. But high street banks were not inundated as they reopened, despite the fact that wealthy savers could face losses of at least 40%. Extra security has been drafted in from G4S to manage any trouble, and some banks are limiting the number of people allowed in each branch. "I want to cash my salary," said Christina Andreou, wielding a cheque for €1,300 at a Bank of Cyprus branch in Nicosia. There's no point being anything but patient. Fighting is going to get us nowhere," said Dinos Volides. Everyone in the bank is trying to be as helpful as possible. Many of the people turning up at branches were older customers who do not have bank cards and need to withdraw cash for daily expenses. At other branches, bank staff asked for calm from customers, saying they too were "victims of the actions and or failures that caused this catastrophe." Employees of Laiki, the country's second largest bank, are likely to lose their jobs when its toxic assets and large deposits are placed in a 'bad bank' and run down, with smaller deposits transferred to the Bank of Cyprus. The population remains deep in shock, with one Cypriot describing the crisis like the sudden death of a loved one. "We're feeling the same sort of emptiness," said Afrodite Elisaou, a doctor whose husband works at Laiki and still has no idea whether he will have a job tomorrow. It's the shock of it happening overnight, of going to sleep thinking you have a job and waking up not having one. Had all this happened to us gradually, and not in a day, it would have been much better. Under the capital controls, cash withdrawals will be limited to €300 a day, although in recent days banks have restricted withdrawals to €100 per customer. Yiangos Demetriou, the head of internal audit at the island's central bank, told the Cypriot state broadcaster that a limit of €5,000 would be set on the use of credit cards abroad and said the measures would be imposed for just four days. Anyone leaving the country will be unable to carry more than €1,000 in banknotes, while families with members studying abroad will not be able to send more than €5,000 a quarter, plus tuition fees, to their relatives. It is the first time a member of the single currency has faced such emergency measures to keep cash within its borders since the euro was launched in 1999. The Cypriot financial sector has exploded in size to eight times the size of its €17bn economy, inflated by deposits from wealthy foreigners. Much now hinges on the reaction of Russians who have made huge deposits in Cyprus in recent years. Under the terms of the bailout with the EU, the European Central Bank and the International Monetary Fund - known as the troika - Laiki will be closed down, while the nation's biggest bank, the Bank of Cyprus, faces a major restructuring. Depositors with more than €100,000 in their accounts, the level at which savings are guaranteed across Europe, face a levy to raise billions of euros towards the bailout. According to some estimates, this could be between 40% and 80%. In Britain, the government has been working on ways to keep Laiki's four branches being drawn into the Cypriot bailout, but there was little indication on Wednesday night that a solution had been found for the 13,000 customers potentially affected. Chris Pavlou, the former vice-chairman of Laiki, told Channel 4 News that Anastasiades was given little option by the troika but to accept the draconian terms, which force savers to take a hit for the first time in the fifth bailout of a eurozone country. Pavlou said: "It's not very nice actually, to see two or three people half your age, clever people, coming over there and shaking their hands at the president and saying: 'You have to do this, otherwise we bring you down.' The meltdown of the Cypriot financial system came as no surprise to well-connected, wealthy Russians, who bundled some of their money to the US. According to investment bankers, lawyers and wealth advisers in the US, Russians have been seeking property developments in the US over the past year. Lawyers and advisers have been making construction loans and sinking money into the concrete foundations of the big real estate developments in Manhattan. On Thursday, the German finance minister, Wolfgang Schäuble, tried to limit fears of contagion, saying Cyprus was a very special case and the EU had found the right solution for it. He said Luxembourg had a completely different business model to Cyprus and any comparison of the two would be absurd. The relief is misplaced and will be shortlived, since the 'doom-loop' undermining the euro, between insolvent banks and their indebted sovereigns, has not been broken but emphatically reaffirmed.