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The Cypriot banking sector, which is heavily exposed to Greek debt, will be completely restructured, according to the deal hammered out between Nicosia and its international lenders, the EU, ECB and IMF. Cypriot banks, which have been closed since March 16, should reopen on March 28.
Under the agreement, Piraeus Bank in Greece – a country which maintains strong cultural and economic ties to Cyprus – will take over control of the island's three major banks, the Bank of Cyprus, Laiki Bank and Hellenic Bank.
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