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G4S Readies Guards as Cypriot Banks Prepare to Open

Reuters [1]
March 27, 2013

A British security firm that transports cash for Cypriot banks is working round the clock, sending teams out with police protection to stock bank machines and readying guards for when banks reopen on Thursday.

The world’s largest security firm, G4S [2], moves cash and will provide guards for Cypriot lenders including Bank of Cyprus [3]and Cyprus Popular Bank [4], the two biggest, which are to be combined and see large depositors’ accounts frozen under a bailout agreed at the weekend.

Cypriot banks have been shut for more than a week while the government worked out the bailout and will stay closed until Thursday to prevent a run. Meanwhile, Cypriots have been queuing to withdraw cash from automatic teller machines, with limits at some shrinking down to 100 euros a day.

Full story here. [1]