Cyprus Banks: President Makes Rallying Call

Cyprus' president has called on the country to "share the burden" of its financial crisis - as bank withdrawal limits remained at 300 euros.

President Nicos Anastasiades made a rallying call for understanding as queues formed outside banks on the Mediterranean island.

The banks reopened on Thursday for the first time since closing on March 16 to prevent people from draining their accounts at the height of the crisis.

The country has imposed daily withdrawal limits of 300 euros (£250) for individuals and 5,000 euros (£4,200) for businesses.

The limits are the first so-called capital controls that any country has applied in the eurozone's 14-year history. 

Depositors wait for the opening of a branch of Laiki Bank in Nicosia

Speaking at a civil servants union convention on Friday, Mr Anastasiades said: "The deal we agreed on, after the dramatic hours we all lived through last week, is without doubt painful.

"Everyone will have to make sacrifices as our financial situation, in the violent way in which it has developed, will oblige all of us to share the burden."

Despite the turmoil of the past weeks and harsh conditions of the rescue, Mr Anastasiades stressed that his country's future lay firmly within the euro.

"We are not going to leave, I stress, from the euro ... We will not, I stress, endanger the future of our country with dangerous experimentation."

Meanwhile, queues formed outside some banks just after opening time, but most were gone by mid-morning.

Financial strains are building on families and businesses, and the recession in Cyprus is likely to deepen.

Cyprus' banks became much bigger than the country's government could afford to rescue - more than seven times the size of the country's economy.

On Monday, Cyprus agreed to make the banks' bondholders and big depositors contribute to the rescue in order to secure 10 billion euros (£8.4bn) in loans from the eurozone and the International Monetary Fund.

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