Cyprus banks to re-open under tight security

Security is tight in Cyprus as banks prepare to reopen nearly two weeks after closing while a controversial bailout was negotiated.

Armed police were on guard as lorries said to be loaded with cash arrived at the central bank on Wednesday night.

Demonstrators took to the streets to protest against the bailout plan and strict capital controls.

The restrictions on the free movement of capital represent a profound breach of an EU principle, correspondents say.

Cyprus is the first eurozone member country to bring in capital controls.

Customers will be limited to withdrawing 300 euros ($383; £253) a day, to prevent everyone fleeing with their savings.

Depositors with over 100,000 euros will also see their savings taxed in exchange for bank shares as Cyprus seeks to raise 5.8bn euros to qualify for a 10bn-euro bailout from the European Union, European Central Bank and the International Monetary Fund, the so-called troika.

An earlier plan to tax small depositors was vetoed by the Cypriot parliament last week.