Cypriot Controls

From the BBC:
"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