Sunday, March 31, 2013

Cyprus reopens banks under tight restrictions.

 Stiff capital controls announced Wednesday designed to cut off the flow of money were in place as Cypriot banks reopened on thursday28th . Banks have been shut for nearly two weeks as the government negotiated a bailout package with the EU and became the first eurozone country to impose losses on bank depositors. Cash withdrawals are limited to €300 per day, time deposits cannot be withdrawn until maturity, and check-cashing is banned. Additionally, anyone leaving the country may take only €1K euros with them, down from €3K in an early draft of the restrictions.