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Cyprus crisis: limits on bank withdrawals to last ‘about a month’

Posted By admin On March 29, 2013 @ 5:54 am In Money Watch | Comments Disabled

Helena Smith
London Guardian [1]
March 29, 2013

The Cypriot government has warned that banking curbs to prevent money from leaving the country will apply for longer than expected, in a blow to the island’s attempts to revive its paralysed economy.

The country’s foreign minister, Ioannis Kasoulides, said the regime, including a limit on cash withdrawals at €300 (£253) per day, would last for “about a month” – just 24 hours after the population was told they would only be in place for a week. The capital controls, the first ever to be imposed on a eurozone member state, have been introduced to prevent a cash exodus that would destroy what is left of the Cypriot banking system.

Kasoulides said: “A number of restrictions will be lifted and gradually, probably over a period of about a month according to the estimates of the central bank, the restrictions will be lifted.”

A few hours earlier, Kasoulides had said the Central Bank of Cyprus [2] and the government of Cyprus would review the restrictions each day with a view to “progressive lifting of the measures as soon as circumstances allow”.

Full article here [1]

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URL to article: http://www.prisonplanet.com/cyprus-crisis-limits-on-bank-withdrawals-to-last-about-a-month.html

URLs in this post:

[1] London Guardian: http://www.guardian.co.uk/world/2013/mar/28/cyprus-crisis-limits-bank-withdrawals

[2] Cyprus: http://www.guardian.co.uk/world/cyprus

[3] Cyprus Bank Deposits Plunge By Most Ever During “Capital Controls” Month: http://www.prisonplanet.com/cyprus-bank-deposits-plunge-by-most-ever-during-capital-controls-month.html

[4] As Cyprus Delays Reopening Banks Again, Here Are The Longest Bank Closures Ever: http://www.prisonplanet.com/as-cyprus-delays-reopening-banks-again-here-are-the-longest-bank-closures-ever.html

[5] Cyprus bank insolvency crisis quickly escalating; may set off EU bankageddon: http://www.prisonplanet.com/cyprus-bank-insolvency-crisis-quickly-escalating-may-set-off-eu-bankageddon.html

[6] Cyprus MPs vote down government raid on private bank accounts in defiance against IMF and EU central bank: http://www.prisonplanet.com/cyprus-mps-vote-down-government-raid-on-private-bank-accounts-in-defiance-against-imf-and-eu-central-bank.html

[7] Meanwhile, Cash Exodus From Cyprus Surges Despite Bank Closures, Capital Controls: http://www.prisonplanet.com/meanwhile-cash-exodus-from-cyprus-surges-despite-bank-closures-capital-controls.html

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