Skip to comments.Cyprus to reopen banks, impose capital controls
Posted on 03/27/2013 2:11:09 PM PDT by NoLibZone
Cyprus reopens its banks on Thursday while limiting withdrawals, banning cheques and curbing the use of Cypriot credit cards abroad, among measures imposed to avert a bank run after it agreed a tough rescue deal with international lenders.
The Central Bank said banks would open their doors at midday (5 a.m. EST) on Thursday after nearly two weeks when Cypriots could only get cash through limited ATM withdrawals.
A central bank official said Cypriots would be allowed to withdraw no more than 300 euros ($380) a day.
Yiangos Demetriou, head of internal audit at the Central Bank, said on state television that the controls would allow unlimited use of credit cards within Cyprus, but set a limit of 5,000 euros per month abroad. He said the measures would last four days but could be reviewed.
(Excerpt) Read more at reuters.com ...
The bank reopening tomorrow could get bloody.
So they are limiting withdrawals to buy some time. Wonder when the cash runs out ?
One would be nuts to trust a bank.
I recommend, taking your credit card, and having a big party, load the CC to the max....there is no tomorrow!
300 euros a day / 5,000 euros a month withdrawal limits. This is state sanctioned robbery.
So they open the doors, you can go in the building, but you can’t have your money.
I know someone who wanted to leave S. Africa but wasn’t allowed to take his money. So he sold everything he owned, bought a big honkin seaworthy boat, outfitted it with gold faucets and every possible amenity.
Then he sailed to someplace in Europe, where he sold the boat and started over.