Banks on the island nation of Cyprus reopened today after being closed for some two weeks. As part of the European Union bailout plan, the Cypriot Parliament passed some heavy restrictions on banking to prevent a chaotic run on the banks. Most customers will only be able to withdraw 300 Euros per day from their savings accounts. No check cashing is allowed and use of credit cards outside Cyprus is limited to 5,000 Euros per month. This is part of the European Commission requirements allowing for the European Central Bank and the International Monetary Fund to bailout the tiny country. The two largest banks, the Bank of Cyprus and the Cyprus Popular Bank, also known as Laiki, have tougher limits, allowing only withdrawals of 100 Euros per day. They will also be forced to merge as the Bank of Cyprus, as both financial institutions were the worst hit by the Greek bond debacle of last year.