Banks in Cyprus have re-opened nearly 2 weeks after they were closed while the government tried to negotiate a bailout deal.

Armed security guards have been posted following fears of a run on banks because of a proposed raid on some savers' deposits to help pay for the rescue package.

Strict controls have been placed on withdrawals and the movement of money within and outside of the country. This is to prevent large amounts of money from leaving the country.

Strict controls on funds 

A €300 limit is being placed on withdrawals while the use of cheques is banned. The use of Cypriot credit cards abroad is also to be curbed in a bid to block a run on banks.

It comes after the Cypriot government agreed on a €10 billion bailout with the Troika on Monday. Large depositors face losses of as much as 40% of their savings as part of the deal.

Security at branches has increased and there are 200 guards from private firm G4S deployed outside banks along with police. Most banks there will reportedly stay open until 4pm Irish time today.