Banks in Cyprus to Reopen Tuesday

Most of banks in Cyprus will reopen on Tuesday, March 23, announced the Central Bank of Cyprus Monday.

The news comes after Cyprus and the EU reached a deal on the EUR 10 B bailout to rescue the country from a situation nearing collapse of the banking sector.

The two most troubled banks - the Bank of Cyprus and the Laiki Bank - will re-open doors Thursday due to a need to re-configure their computer systems.

Measures on the bailout plan include liquidating the Laiki and moving its deposits to the Bank of Cypros to create a "good bank".