Media caption President of Cyprus, Nicos Anastasiades: "A difficult fight but we leave behind uncertainty and look with optimism into the future" 
 
 All Cypriot banks will remain closed until Thursday, the central bank now says, and temporary measures will be placed on transactions when they reopen despite an EU/IMF bailout deal. 
 
 Earlier, the authorities said all but the biggest two would open on Tuesday. 
 
 The central bank now says all will remain closed to ensure the whole banking system functions "smoothly". 
 
 The bailout deal will see larger depositors in the two biggest banks, Bank of Cyprus and Laiki, lose money. 
 
 President Nicos Anastasiades said "very temporary restrictions" would be put on capital flows, but gave no details. 
 
 Controls to prevent money leaving the country are already in place. 
 
 Certain limits on the size of cash withdrawals are expected to continue. 
 
 '30% losses' 
 
 Banks have not been open since 15 March. Their reopening had been expected after Cyprus agreed a deal with the International Monetary Fund (IMF) and the European Union (EU) that releases 10bn euros in support. 
 
 It was conditional on Cyprus itself raising 5.8bn euros, most of which looks likely to come from depositors with more than 100,000 euros (£85,000) in Bank of Cyprus and Laiki or Popular Bank. 
 
 The bailout and rescue of Cyprus by the eurozone and IMF will not feel like much of a rescue to its people, who face economic misery 
 
 The banks remained closed after the country's first money-raising solution, which would have hit smaller deposit holders as well as larger holdings, was rejected by parliament. 
 
 The new deal for Cyprus, unlike previous agreements, does not require parliamentary approval. It will also include austerity measures and tax increases. 
 
 Laiki will be shut down, and deposits under 100,000 euros, which are guaranteed by the state under EU law, will move into the Bank of Cyprus to create a "good bank". 
 
 Deposits above that insured amount will be frozen and used to pay Laiki's debts and recapitalise the Bank of Cyprus, with depositor losses eventually converted into shares. 
 
 Major depositors, many of whom are wealthy Russians, will not be able to access accounts exceeding the 100,000-euro limit until the restructuring of the banks is complete. 
 
 A government spokesman said the losses on uninsured depositors would be "under or around 30%". 
 
 'Specific case' 
 
 On Monday morning, hopes that the deal would solve the crisis lifted shares. 
 
 But later, stock markets were rocked after the head of the Eurogroup of eurozone finance ministers suggested that the deal for Cyprus could form a template for resolving future eurozone banking problems. 
 
 Jeroen Dijsselbloem Aged 46, member of Dutch Labour party 
 
 Became Netherlands finance minister four months ago and took over as chair of Eurogroup in January 
 
 Criticised by predecessor Jean-Claude Juncker and MEPs over initial terms of Cyprus bailout 
 
 No previous experience in finance but studied agricultural economics and business 
 
 Favours reform of the financial sector and a Europe where 'every country brings its budget in order' Jeroen Dijsselbloem 
 
 Jeroen Dijsselbloem, the Dutch finance minister who as head of the Eurogroup played a key role in the Cyprus negotiations, told Reuters and the Financial Times: "If there is a risk in a bank our first question should be 'OK, what are you in the bank going to do about that?'" 
 
 He later added a clarification, saying that Cyprus was "a specific case with exceptional challenges". 
 
 Mr Dijsselbloem said the pattern for bank rescues should see shareholders take the first hit, then bondholders, who lend money through financial markets, and only then should depositors with large bank balances be tapped. 
 
 The Cyprus deal puts the burden for dealing with problem banks on their shareholders and creditors - in this particular case, customers with large bank balances - rather than the government and taxpayers, or bondholders. 
 
 The BBC's Andrew Walker points out that the more common approach to failing banks in the current crisis has been for the state to inject new capital. 
 
 He says Cyprus' banks are unusual in that they have relatively few financial market investors who could be tapped. 
 
 In the past, nations such as Ireland have pumped billions of taxpayers' money into propping up their banks, rather than risk upsetting large investors and spooking the financial system. 
 
 Despite the Cypriot economy's relatively small size, many analysts had been concerned that the crisis would spread to the wider eurozone, had Cyprus been forced to give up the single currency. 
 
 There were fears that the country's possible exit from the euro would trigger a loss of confidence across the single currency bloc, and prompt investors to withdraw from other troubled economies, such as Greece. 
 
 However, while Cyprus is now likely to remain in the eurozone, the country still faces significant obstacles as it attempts to recover from the crisis. ||||| Image caption Bank of Cyprus is the country's largest bank 
 
 Cyprus may be set to impose a limit on the amount of money that can be taken out of the country, one of its main newspapers has reported. 
 
 The Kathimerini newspaper also said that authorities would impose a ban on cashing cheques, as the government prepares to announce capital controls on the banking sector. 
 
 The central bank said the report was only based on draft proposals. 
 
 Earlier on Wednesday, the boss of the Bank of Cyprus was sacked. 
 
 Cyprus is introducing capital controls as it seeks to raise 5.8bn euros ($7.4bn; £4.9bn) to qualify for a 10bn-euro bailout from the European Union, European Central Bank and the International Monetary Fund, the so-called troika. 
 
 Depositors in Cypriot banks with more than 100,000 euros could see 40% of their funds converted into bank shares, while those with less than 100,000 euros will not lose any funds - but face limits on what funds they can access. 
 
 The exact details of the capital controls are expected to be finalised later on Wednesday. 
 
 Speaking to the Financial Times, Cypriot Finance Minster Mr Sarris said that the controls would be reviewed after seven days, and that some banks could be exempted altogether. 
 
 According to the newspaper report Cypriots will be prohibited from taking more than 3,000 euros in cash abroad on each trip, and limited to spending 5,000 euros on their credit or debit card. 
 
 Concern about the ongoing situation in Cypriot has continued to weigh on the Athens stock market, with Greek shares ending down 4% on Wednesday. 
 
 Bank merger 
 
 Bank of Cyprus chief executive Yiannis Kypri confirmed he had been removed as head of the bank, which is the country's largest commercial lender. 
 
 Reuters reported that Mr Kypri had issued a statement about his removal, which said: "The reason I was given was that, based on the resolution decree recently passed by parliament and upon demands of the troika, an administrator had been appointed at the Bank. 
 
 "Until now I have not received a formal letter from the governor of the Central Bank on the matter." 
 
 A European Commission spokesman denied that the troika had demanded Mr Kypri's removal. 
 
 Media playback is unsupported on your device Media caption The BBC's Paul Mason: "Every figure in this document has the word 'euro' and two x's" 
 
 "These reports are not correct and decisions like this would any case be the responsibility of the Bank of Cyprus," a Commission spokesman said. 
 
 An administrator has been appointed to Bank of Cyprus to restructure the bank. It is being merged with the "good" parts of the failed Laiki Bank, which will be closed down. 
 
 Bank of Cyprus chairman Andreas Artemis handed in his resignation on Tuesday, along with four other directors, but the bank's board rejected the resignations. 
 
 Now Panicos Demetriades, the central bank governor, has sacked the entire board, according to the Cyprus News Agency. 
 
 Demonstrations 
 
 Mr Demetriades was widely criticised on Tuesday for suggesting that Bank of Cyprus was going to be wound up in the same way as is planned for Laiki Bank. 
 
 His comments led to demonstrations, calls for his resignation from Bank of Cyprus staff, and a hastily-drafted denial from Finance Minister Michalis Sarris. 
 
 Mr Demetriades said "superhuman" efforts were being made to get the banks ready for reopening on Thursday. 
 
 "Indications are that banks will open tomorrow with some restrictions on capital," said central bank spokeswoman Aliki Sylianou, speaking to the country's state broadcaster on Wednesday. 
 
 The banks have been shut since 15 March while the controversial 10bn-euro bailout was being negotiated. ||||| Media playback is unsupported on your device Media caption Sue Hall runs a wedding business in Cyprus: "Most of the money in my business deposit account belongs to couples who are to get married" 
 
 A crucial vote in Cyprus' parliament on a bailout that has sparked huge public anger has been delayed until Tuesday. 
 
 President Nicos Anastasiades has been meeting MPs in Nicosia and has indicated he wants the terms amended. 
 
 The 10bn-euro ($13bn; £8.6bn) bailout agreed with the EU and IMF had demanded that all bank customers pay a one-off levy and led to heavy cash withdrawals. 
 
 The president's party has 20 seats in the 56-member assembly and needs other parties' support to ratify the deal. 
 
 Asian and European stock markets fell amid uncertainty in Monday's trading. 
 
 If Cyprus' president wants to change something regarding the levy on bank deposits, that's in his hands Joerg Asmussen, European Central Bank governing council Q&A: Cyprus bailoutRussian anger at levy 
 
 Meanwhile, Russian President Vladimir Putin on Monday called the proposed levy "unfair, unprofessional and dangerous", his spokesman said. Russian banks and businesses have significant deposits in Cyprus. 
 
 'People betrayed' 
 
 The debate and vote in Cyprus' parliament has now been postponed until 18:00 local time (16:00 GMT) on Tuesday. It was initially to have been held on Sunday. 
 
 President Anastasiades is at present holding talks with ministers and lawmakers at the parliament building in Nicosia, which has been cordoned off to prevent protests. 
 
 The BBC's Mark Lowen, in Nicosia, says there are suggestions Mr Anastasiades is looking at lowering the cost to those with smaller savings. 
 
 Under the currently agreed terms, depositors with less than 100,000 euros in Cyprus accounts would have to pay a one-time tax of 6.75%. Those with sums over that threshold would pay 9.9%. 
 
 Analysis Reform of how to mend broken banks, which has been negotiated globally and in Europe since the crash of 2007-8, has been based on two central principles. First, that the savings of ordinary people should be protected, up to a high threshold - or 100,000 euros in the European Union for example. And that financial institutions which lend to banks by buying their bonds should incur losses when banks are bailed out: bondholders should, to use the jargon, be bailed in, as part of resolution plans. So what is seen by many as profoundly shocking about the terms of the rescue of Cyprus by the rest of the eurozone and the International Monetary Fund is that both of these principles have been broken. Join Robert for a Twitter Q&A 16:00-1630 GMT 
 
 Our correspondent says the president may want to lower the former rate to 3%, while raising the levy on the larger depositors to 12.5%. 
 
 An EU source told Agence France-Presse there could be a three-way split on the level of levy, grouped into accounts holding less than 100,000 euros, between 100,000 and 500,000 and more than 500,000. 
 
 Joerg Asmussen, a member of the European Central Bank's governing council, said there could be a change to the deal. 
 
 He said: "It's the Cyprus government's adjustment programme. If Cyprus' president wants to change something regarding the levy on bank deposits, that's in his hands. He must just make sure that the financing is intact." 
 
 German government spokesman Steffen Seibert echoed his comments, saying: "How the country makes its contribution, how it makes the payments, is up to the Cyprus government." 
 
 Mr Anastasiades insists that without the bailout Cyprus could face bankruptcy and a possible exit from the eurozone. 
 
 He said on TV on Sunday: "I fully share the unhappiness caused by a difficult and painful decision." 
 
 He also said it was the worst crisis since Turkey invaded in 1974. 
 
 The banks are closed on Monday for a national holiday and could remain shut on Tuesday to avoid mass withdrawals. 
 
 Opposition leader George Lillikas, an independent, said the president had "betrayed the people's vote". 
 
 Russian capital 
 
 Under the bailout's current terms, depositors will be compensated with the equivalent amount in shares in their banks, and Mr Anastasiades promised that those who kept deposits in Cypriot banks for the next two years would be given bonds linked to revenues from natural gas. 
 
 Cyprus announced the discovery of a field containing between 5 and 8 trillion cubic feet of natural gas under the Mediterranean Sea in 2011 but Turkey disputes its drilling rights. 
 
 Reports have suggested that eurozone leaders, particularly in Germany, insisted on the levy because of the large amount of Russian capital kept in Cypriot banks, amid fears of money-laundering. 
 
 However, German Finance Minister Wolfgang Schaeuble said he and the International Monetary Fund had been in favour of "respecting the deposit guarantee for accounts up to 100,000" euros. 
 
 He said it was the Cypriot government, the European Commission and the European Central Bank that had decided on the levy terms and that "they now must explain this to the Cypriot people". 
 
 Russian presidential spokesman Dmitry Peskov said on Monday: "Assessing the possible decision of imposing additional tax by Cyprus on deposits, [President] Putin said that this decision, if taken, would be unfair, unprofessional and dangerous." 
 
 Unprecedented levy Depositors with under 100,000 euros deposited must pay 6.75% 
 
 Those with more than 100,000 in their accounts must pay 9.9% 
 
 Depositors will be compensated with the equivalent amount in shares in their banks 
 
 The levy is a one-off measure Cyprus bailout - Your stories UK to help troops 
 
 Prime Minister Dmitry Medvedev said: "It looks simply like the confiscation of other people's money." 
 
 The Moody's ratings agency estimates that, at the end of 2012, Russian banks had placed $12bn in Cypriot banks, with corporate deposits at $19bn. So Russian corporate and individual investors could lose up to $2bn. 
 
 The Russian government also gave Cyprus a 2.5bn euro loan in 2011. Russian Finance Minister Anton Siluanov told the Interfax news agency on Monday that Moscow would consider extending the loan period and restructuring the repayments. 
 
 The proposed savings levy has drawn criticism from economic analysts. Michael Hewson, of CMC Markets, told the Press Association: "If European policymakers were looking for a way to undermine the public trust that underpins the foundation of any banking system they could not have done a better job." 
 
 It is clear that negotiators of the bailout in Brussels drastically underestimated the reaction in Cyprus, says our correspondent, Mark Lowen. 
 
 Media playback is unsupported on your device Media caption Renaissance Capital's Ivan Tchakarov: "Russians are not happy about the bailout levy" 
 
 A tiny eurozone economy feels it is being blackmailed by the most powerful, and the growing resentment will do nothing to foster European solidarity, he adds. 
 
 If the levy goes ahead, it will affect many non-Cypriots with bank accounts, including UK expatriates. 
 
 However, depositors in the overseas arms of Cypriot banks will not be hit. Bank of Cyprus UK and Laiki Bank UK both confirmed on their websites that there would be no impact. 
 
 Chancellor George Osborne said the UK would compensate any government employees and military personnel whose bank accounts were affected. ||||| Cyprus is on the verge of an unprecedented financial experiment: imposing controls on money transfers in an economy that doesn’t have its own currency. 
 
 Countries from Argentina to Iceland have used similar measures in the past to defend against devaluation. Being part of the euro zone may make it harder for the Mediterranean island to enforce restrictions, as any money that leaves the banking system can be taken out of Cyprus without losing value. 
 
 That also may make it more difficult to meet the goal set yesterday by Finance Minister Michael Sarris to lift any controls in “a matter of weeks.” When economies in Asia and Latin America tried to stem the outflow of money in the 1980s and 1990s, they ended up keeping the measures in effect for six months to two years. Iceland, another island nation with an outsize banking system, still has capital controls five years after its banks collapsed in 2008. 
 
 “Thanks to political mismanagement, we now have a first: capital controls in the euro zone,” said Nicolas Veron, a senior fellow at Bruegel in Brussels and a visiting fellow at the Peterson Institute for International Economics in Washington. “How long is temporary? It could turn out like Iceland, extending to many years.” 
 
 Russian Deposits 
 
 Cyprus today announced controls it will begin implementing when banks reopen tomorrow. The country’s leaders are seeking to prevent the flight of money from island lenders, which have been closed for almost two weeks. Russian holdings in Cypriot banks are estimated by Moody’s Investors Service at $31 billion, or about a quarter of total deposits. 
 
 The government limited daily withdrawals to 300 euros ($383) and restricted transfers overseas, according to a decree the central bank said will remain valid for four days. It also banned check cashing and terminating time deposits. Banks will open at noon tomorrow, the central bank said. 
 
 Yiangos Dimitriou, a central bank spokesman, told state-run CyBC television that the effectiveness of the measures will be evaluated daily. 
 
 Parliament last week gave wide-ranging powers to the central bank governor, Panicos Demetriades, and Finance Minister Sarris. 
 
 “They’re going to need some serious controls to make sure the money doesn’t leave the country,” said Nikolaos Panigirtzoglou, a London-based strategist at JPMorgan Chase & Co. “Otherwise, I can’t see how any of this money with a high propensity to leave will stay voluntarily.” 
 
 ECB Financing 
 
 A rush of money out of Cyprus would shift more financing responsibility to the European Central Bank, which provides about 10 billion euros of emergency loans to the country’s lenders. After 30 billion euros, the ECB would have to lower its standards for the collateral it demands from Cypriot banks, Panigirtzoglou said. With deposit flight and rising loan losses in Cyprus and Greece, the ECB could lose money on the funds it lends. Even capital controls won’t stop the drain, some say. 
 
 “Banks will become even more dependent on ECB liquidity because deposits will be largely drained,” UBS AG Chairman Axel Weber, a former ECB board member, said on Bloomberg TV today. 
 
 Cyprus Popular 
 
 The island’s lenders have been closed since a plan by the European Union to force losses on depositors in exchange for a 10 billion-euro bailout touched off a political upheaval. Parliament rejected the deal, which would have taxed all bank accounts, including those under the 100,000-euro deposit-insurance limit. A new agreement shuts Cyprus Popular Bank Pcl (CPB), the nation’s second-largest lender. Uninsured depositors of that institution and the Bank of Cyprus Plc, the biggest, will share losses, while insured deposits in all the banks are spared. 
 
 When Iceland imposed capital controls after a property bubble burst and its banks collapsed, political leaders said they would be temporary, too. 
 
 Financial firms, with assets 11 times the national economy at the peak, were too big to save. So Iceland let them fail, splitting them into good and bad banks. Bondholders bore most of the losses. Iceland’s krona dropped by more than half. 
 
 Restrictions on the movement of capital out of the country were intended to stabilize the currency. They mostly related to the conversion of the krona to other currencies and targeted legacy foreign investments in the nation’s securities. 
 
 Bond Sales 
 
 Even with such a limited reach, the Icelandic capital controls have had a negative impact on the economy, according to Pall Hardarson, president of Nasdaq OMX Group Inc.’s Iceland unit. They’ve discouraged outsiders from investing and made it harder for Icelandic companies to sell bonds overseas, he said. After doubling every year for five years, foreign direct investment in the island collapsed in 2008 and has remained about 25 percent below the pre-crisis level. 
 
 “Ultimately we need to create confidence in the economy, and with these controls it’s hard to do so,” said Hardarson. “Officially they only apply to legacy investments, but nevertheless they send a signal that things aren’t the way they’re supposed to be.” 
 
 Krona-denominated bonds left from the boom era cannot be converted to foreign currency when they mature. The proceeds need to be reinvested in krona assets. That has created two foreign-exchange rates for the island’s currency -- an official one traded domestically and one offshore. 
 
 Offshore Kronur 
 
 The offshore krona trades lower than the official one because it reflects the difficulty exchanging them for dollars or euros, according to Hardarson. One euro was worth 159.54 kronur on official markets yesterday and 220 kronur offshore, according to Keldan.com, an Icelandic data provider. 
 
 The same is going to be true for the euro now that a member country is walled off from the rest, said Raoul Ruparel, chief economist at Open Europe, a London-based research group. 
 
 “Now there are two euros, one in Cyprus, one elsewhere,” said Ruparel. “The whole point about a single currency is that money is fungible, it can cross borders without any restrictions. The capital controls in one member basically ends that arrangement.” 
 
 To be effective, controls in Cyprus will have to be stricter than those in Iceland, Ruparel said. Iceland’s importers and exporters have been exempted from currency-conversion restrictions as long as they can show the exchange is for trade purposes. If a similar exemption were to be made in Cyprus, Russian companies on the island could use the loophole to take their money out swiftly, Ruparel estimated. 
 
 Russian Investment 
 
 Cyprus-based Russian companies, taking advantage of the island’s lower tax rates, are the largest source of foreign direct investment in Russia, according to central bank data. 
 
 Most efforts to restrict capital flows out of a banking system or a country have failed to protect the currency they were intended to prop up, according to separate papers by Sebastian Edwards, an economics professor at the University of California at Los Angeles, and Graciela Kaminsky, an economics professor at George Washington University. 
 
 Argentina restricted bank withdrawals in 2001, when it was faced with a banking crisis following the government’s debt default. Three months later the country had to abandon its currency peg to the dollar, which it had maintained for a decade. The government imposed losses on deposits through forced conversion of dollar savings to pesos at unfavorable rates. 
 
 Currency Peg 
 
 Being a member of the euro zone is similar to maintaining a peg to another currency at a fixed-exchange rate. When the local currency is overvalued as a result of inflation, countries with pegs eventually end the fixed regime and devalue, as Argentina did. Cyprus might do the same, faced with dire economic prospects, Open Europe’s Ruparel said. 
 
 “Stuck with an overvalued euro, Cyprus loses out on tourism, one of its two main economic activities,” he said. “The other one, banking, is dead with capital controls. So what advantage does Cyprus get from being in the euro now?” 
 
 Cyprus’s 18 billion-euro economy is the third smallest in the 17-nation euro area. Before the bailout, which was coupled with an austerity package, the European Commission predicted a contraction of 3.5 percent in 2013. Economists said afterward that the damage will be greater. 
 
 The decision to burn depositors with more than 100,000 euros and restrict money movements will hurt confidence in other weak economies and banking systems of the euro zone, according to a report yesterday by DBRS Inc., a Toronto-based rating firm. 
 
 Cypriot Deposits 
 
 “During the current period of low to no growth in Europe, it is certainly possible that a run on Cypriot deposits could spread, in spite of existing or future controls on capital,” wrote Fergus McCormick, head of sovereign ratings at DBRS. 
 
 A total of 378 billion euros was pulled from banks in Ireland, Spain, Portugal, Greece and Italy in the 13 months through August, according to data compiled by Bloomberg. The flight was reversed only after the ECB pledged to buy government bonds of those countries, calming investors. 
 
 Cyprus’s three biggest publicly traded banks had a total of 6.5 billion euros of losses in 2011 after writing down the value of their Greek bond holdings. They have also been bleeding on their loans to companies and individuals in Greece, which is in its fifth year of a contracting economy. 
 
 At least 1,600 Greek shipping, trade and tourism companies headquartered in Cyprus are threatened with closure, according to National Confederation of Hellenic Commerce. Greek firms that held deposits in Cyprus were unable to meet a deadline this week for paying taxes in Greece, the Athens-based organization said. 
 
 Divided Island 
 
 The divided island’s internationally recognized southern part is ethnically Greek and has close ties to the financially troubled country. The northern part is controlled by a breakaway government backed by Turkey. 
 
 Russian companies with banking ties to Cyprus will face the same hurdles as their Greek counterparts, though the impact on the Russian economy will be less significant. Russian economic output, which expanded by about 4 percent last year, is almost 10 times as much as Greece’s. 
 
 The biggest losers may be Cypriots themselves. Unemployment could double to 30 percent as a result of the planned bank restructurings, estimates Hari Tsoukas, a professor at Warwick Business School in Coventry, England. 
 
 “Life will be difficult for people living in Cyprus,” Tsoukas said. “The country will be another version of Ireland and Greece, with a tough austerity program. In another decade, we can look forward to another recovery.” 
 
 To contact the reporter on this story: Yalman Onaran in New York at yonaran@bloomberg.net 
 
 To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net ||||| Banks in Cyprus are to open for the first time in more than a week on Thursday, operating for six hours from noon (10:00 GMT), but restrictions will be in place on financial transactions to prevent people from draining their accounts. 
 
 People use ATMs outside a closed branch of the Bank of Cyprus in capital Nicosia, Cyprus, Wednesday, March 27, 2013. Cypriot authorities are preparing limits on how much money depositors can take out... (Associated Press) 
 
 Customers enter a Bank of Cyprus branch as a Piraeus Bank branch is seen in the background in Athens, Wednesday, March 27, 2013. Greece's Piraeus Bank reached an agreement Tuesday to buy the Greek operations... (Associated Press) 
 
 A kiosk with the name Europe written in Greek, is closed as people use the ATMs outside a closed branch of the Bank of Cyprus in capital Nicosia, Cyprus, Wednesday, March 27, 2013. Cypriot authorities... (Associated Press) 
 
 Students shout slogans outside from a Limassol district office during an anti-bailout protest in southern port city of Limassol, Cyprus, Wednesday, March 27, 2013. Cypriot authorities are preparing limits... (Associated Press) 
 
 Among the capital controls, cash withdrawals will be limited to 300 euros ($383) per person each day. No checks will be cashed, although people will be able to deposit them in their accounts, according to a ministerial decree that was released late Thursday. 
 
 The controls will be in place for four days. 
 
 Cyprus's banks were closed on March 16 as politicians scrambled to come up with a plan to raise 5.8 billion euros ($7.5 billion) so the country would qualify for 10 billion euros ($12.9 billion) in much-need bailout loans for its collapsed banking sector. The deal was finally reached in Brussels early Monday, and imposes severe losses on deposits of over 100,000 euros in the country's two largest banks, Laiki and Bank of Cyprus. 
 
 Since Monday's deal, Cypriot authorities have been rushing to introduce measures to prevent a rush of euros out of the country's banks when they do reopen. 
 
 Other capital controls include a cap of 5,000 euros on transactions with other countries, provided the customer presents supporting documents. Payments above that amount will need special approval. 
 
 Travelers leaving the country won't be able to take with them anything over 1,000 euros in cash _ as well as the equivalent sum in foreign currency. 
 
 Tuition fees and living expenses of up to 5,000 euros for three months will be permitted for overseas students, but documentation must be provided proving the student's relationship to the dispatcher. 
 
 Also investors will also not be able to terminate fixed-term deposit accounts before they mature unless the funds are to be used for the repayment of a loan in the same bank, the decree says. 
 
 In the capital, Nicosia, armed police officers guarded several trucks carrying containers arriving at the country's Central Bank, while a helicopter hovered overhead. 
 
 The contents of the trucks could not be independently confirmed, although state-run television said they were carrying cash flown in from Frankfurt for the bank reopening. 
 
 Meanwhile, private security firm G4S will dispatch 180 of its staff to all bank branches across the island to keep a lid on any possible trouble, said John Argyrou, managing director of the firm's Cypriot arm. 
 
 "Our presence there will be for the comfort of both bank staff and clients, but police will also be present," he said. 
 
 Argyrou said he doesn't foresee any serious trouble unfolding once banks open their doors because people had time to "digest" what has transpired. 
 
 "There may be some isolated incidents, but it's in our culture to be civil and patient, so I don't expect anything serious." 
 
 Another 120 staff from G4S would be assigned money transportation duties. 
 
 In Nicosia Wednesday night, several hundred demonstrators marched from the European Union's offices in the capital to Parliament to protest the bailout plan. 
 
 Before its collapse, Cyprus's banking sector grew to nearly eight times the size of the country's economy, mainly on the back of substantial deposits from Russia. This sparked accusations that the country was being used by Russian criminals to launder their money. Over the past week, the government in Moscow has criticized Europe's handling of the crisis in Cyprus. 
 
 Russian millionaire businessman Andrey Dashin told the Associated Press in an interview that he doesn't believe his fellow countrymen would rush to pull businesses or money out of the country once banks reopen, despite the fact that many will take a hit from a tax on accounts over 100,000 euros in both Bank of Cyprus and Laiki. 
 
 "There won't be a substantial Russian run" on Cypriot banks, said Dashin, 37, who runs his currency speculation company ForexTime from a brand-new high-rise in the southern coastal resort of Limassol. Dashin doesn't stand to lose on his deposits which aren't in either of the top two Cypriot banks. 
 
 "Russians are much more accustomed to such circumstances, we've had so many crisis in Russia...I don't have the feeling that (Russians) are ready to pull out their business or money out of their country," Dashin said. 
 
 But he said Russians want to have a "clear picture" on the kind of capital movement limits that will be imposed so as not to choke off businesses, warning that tight restrictions would be "a sign for businesspeople that their cash is trapped." 
 
 Dashin dismissed reports that Cypriot banks were being used to launder dirty Russian cash as unproven rumors and urged Cyprus to bring in internationally respected auditors to clear the air. 
 
 Under the deal clinched in Brussels early Monday, Cyprus agreed to slash its oversized banking sector and inflict hefty losses on large Laiki and Bank of Cyprus depositors. 
 
 Laiki is to be restructured, with its healthy assets going into a "good bank" and its nonperforming loans and toxic assets going into a "bad bank," officials have said. The healthy side will be absorbed into the Bank of Cyprus. 
 
 The board of directors of both banks has been fired and administrators appointed to handle the restructuring and absorption, the banking official said. 
 
 Bank of Cyprus CEO Yiannis Kypris issued a statement saying the Central Bank governor had asked him verbally Wednesday to resign. 
 
 "These are very difficult times for everyone. The Bank of Cyprus was and must remain the basic support of the economy and our society in the effort to deal with the crisis our country is going through," Kypris said. "I hope that the handling of this transition phase will respect the workers, shareholders and customers of the Bank of Cyprus." 
 
 Cypriot officials said the deal would mean the country would shift its focus away from being an international center of financial services. That is expected to cost jobs, adding to the unemployment rate which now stands at around 14 percent. 
 
 The country's foreign minister said his country almost left the eurozone during last week's bailout talks. 
 
 Ioannis Kasoulidis told German daily Frankfurter Allgemeine Zeitung in an interview to be published Thursday that dropping the common currency was "a possibility which we seriously considered for a while."
– Cypriots hoping to get their hands on what is still technically their money are going to have to wait at least another couple of days. The government has ordered the country's banks, which have been closed since March 15, to stay closed until Thursday to prevent a run on deposits following the last-minute EU bailout deal. People can still make ATM withdrawals, with a daily limit of $130 at the two biggest banks, but the machines often run out of cash and many businesses have stopped accepting debit or credit cards, the AP reports. Meanwhile, Bank of Cyprus chairman Andres Artemis has resigned this morning, reports Reuters. Even when banks reopen, limits on withdrawals are expected to remain, along with measures to prevent money from leaving the country, the BBC reports. Deposits above $130,000 in the two biggest banks, which will be subject to a stiff levy under the bailout deal, will be frozen. President Nicos Anastasiades didn't offer Cypriots many details on the transaction limits that will be imposed, but told them, "I want to assure you that this will be a very temporary measure that will gradually be relaxed," Reuters reports. The BBC spoke with the country's finance minister, who said the levy will be "significant," and as high as 40%.