Cyprus Banks to Open Midday Thursday

FBN's Rich Edson breaks down the details on latest measures taken during the crisis in Cyprus.

Banks in Cyprus will reopen at midday (1000 GMT) on Thursday, a spokeswoman for the island's Central Bank said, 10 days after they closed their doors to avert a run on deposits.

The spokeswoman said banks would open their doors between midday and 6 p.m. (1600 GMT). The Cypriot authorities are expected later on Wednesday to detail the capital controls they plan to impose to prevent a flight of funds.