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Economy

Banks Reopen in Cyprus After Two-Week Closure

BBC, REUTERS, TWITTER

Worldcrunch

NICOSIA - Banks in Cyprus have reopened Thursday after a two-week closure as the government was forced to accept a strict European Union rescue package to avoid bankrupcy.

As discussions between the EU and the International Monetary Fund took place, eventually culminating in Sunday night’s late bailout deal, the doors had remained shut amid tension over possibilities of large-scale withdrawals, says the BBC.

Customers still face restrictions on withdrawal limits.

Reuters reported that as some Cypriots queued, police were deployed as a precaution. But journalists and eyewitnesses said that the media was overstating the risk of unrest.

The Cyprus stock exchange remained closed on Thursday.

Convoy of trucks reportedly carrying tons of euros last night to prepare for the bank reopening #Cyprustwitter.com/ekathimerini/s…

— Kathimerini English(@ekathimerini) March 28, 2013

Another big queue here #cyprustwitter.com/willgoodbody/s…

— Will Goodbody (@willgoodbody) March 28, 2013

The moment one co-op bank branch opened at midday in Nicosia #cyprus#rtenewstwitter.com/willgoodbody/s…

— Will Goodbody (@willgoodbody) March 28, 2013

Thumbs up for decent, dignified Cypriots in this very nasty situation. Seems the police wer enot needed afterall. #cyprus

— Nathan Morley (@nathanmorley) March 28, 2013

Man outside #Cyprus bank scolding international media over bank coverage, asks for solidarity with the people twitter.com/ekathimerini/s…

— Kathimerini English(@ekathimerini) March 28, 2013

Probably The Best Picture Of Journalists Trying To See A Bank Run In #Cyprus | #eurozoneow.ly/i/1MaAk

— rhbinvest tweets (@rhbinvest) March 28, 2013

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FOCUS: Russia-Ukraine War

The Real Purpose Of The Moscow Drone Strike? A Decoy For Ukraine's Counterattack

Putin is hesitant to mobilize troops for political reasons. And the Ukrainian military command is well aware that the key to a successful offensive lies in creating new front lines, where Russia will have to relocate troops from Ukraine and thus weaken the existing front.

The Real Purpose Of The Moscow Drone Strike? A Decoy For Ukraine's Counterattack

Police officers stand in front of an apartment block hit by a drone in Moscow.

Anna Akage

-Analysis-

On the night of May 30, military drones attacked the Russian capital. There were no casualties – just broken windows and minor damage to homes. Ukraine claims it had nothing to do with the attack, and it is instead the frenzied artificial intelligence of military machines that do not understand why they are sent to Kyiv.

While the Ukrainian president’s office jokes that someone in Russia has again been smoking somewhere they shouldn’t, analysts are placing bets on the real reasons for the Moscow strikes. Many believe that Kyiv's real military target can by no means be the capital of Russia itself: it is too far from the front and too well defended – and strikes on Russia, at least with Western weapons, run counter to Ukraine’s agreements with allies, who have said that their weapons cannot be used to attack inside Russia.

If the goal is not directly military, maybe it is psychological: to scare the residents of the capital, who live in a parallel reality and have no idea how life feels for Ukrainian civilians. Forcing people to live with this reality could push the Kremlin to retreat, or at least make concessions and negotiate with Kyiv. If neither sanctions nor the elite could sober Vladimir Putin up, could angry Muscovites?

But neither Russia's military command nor its political leadership depends on the opinion of citizens. And there are enough special forces in Moscow to crush any mass protest.

Laying bare Russian President Vladimir Putin’s inability to guarantee his country's security, in front of Russia’s remaining international partners or among the country’s elites, is also an unlikely goal. The Russian army has already seen such embarrassing failures that a few drone strikes on the Kremlin can’t possibly change how Putin is seen as a leader, or Russia as a state. So why would Kyiv launch attacks on Moscow?

Let's go back to the date of the shelling: May 29 is Kyiv Day, a holiday in the Ukrainian capital. It was also the 16th attack on Kyiv in May alone, unprecedented in its scale, even compared to the winter months when Russia had still hoped to cut off Ukrainian electricity and leave Kyiv residents, or even the whole country, freezing in the dark.

The backdrop: the Ukrainian counter-offensive to liberate the occupied territories, which is in the works, if not already launched.

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