From the BBC:
"Cyprus banks to reopen on Thursday after bailout closure"
http://www.bbc.co.uk/news/business-21961854
"Cyprus banks to reopen on Thursday after bailout closure"
Banks in Cyprus are to reopen on
Thursday at 10:00 GMT, 10 days after they closed to prevent a bank run as a
controversial bailout was negotiated. Customers will also be limited to withdrawing 300 euros ($383; £253) a day,
to prevent everyone fleeing with their savings. Earlier, the boss of the Bank of Cyprus was sacked. "I am telling you that all banks are definitely going to open tomorrow," the
Cypriot central bank's Aliki Stylianou said. Capital controls are to be imposed as Cyprus seeks to raise 5.8bn euros to
qualify for a 10bn-euro bailout from the European Union, European Central Bank
and the International Monetary Fund, the so-called troika. Cyprus Finance Minister Michalis Sarris announced a long-awaited series of
capital controls. These include the 300-euro daily withdrawal limit, and a ban
on cashing cheques. Depositors in Cypriot banks with more than 100,000 euros could see 40% of
their funds converted into bank shares, while those with less than 100,000 euros
will not lose any funds - but face limits on what funds they can access.Other controls will prohibit people from taking more than 1,000 euros in cash
outside the island, with customs officers authorised to make checks at border
crossings. Money transfers outside Cyprus are prohibited, with a few very specific
exceptions, and there is a limit of 5,000 euros a month in credit or debit card
purchases while abroad. The new measures mean that Cyprus is the first eurozone nation to impose
capital controls - the absence of which is a fundamental reason behind the
monetary union of the 17 members of the euro bloc - since the debt crisis
began.
^ I think this is the beginning of the end for the Euro. It was ok while it lasted. ^
http://www.bbc.co.uk/news/business-21961854
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