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ECB To Set “Fair” Cypriot Standard Of Living Via Capital Controls

Posted By admin On March 22, 2013 @ 6:33 am In Money Watch | Comments Disabled

Zero Hedge [1]
March 22, 2013

As Europe wakes up to what could be a tumultuous day, Handelsblatt reports that the ECB has decided that, due to the “great danger” of a bank run once they reopen next week, it will enforce capital controls independently of Cypriot (elected) officials. With perhaps a nod towards negotiating some ELA funding for Cypriot banks next week (if the government accepts this ECB-enforced ‘program’), the rather stunning restrictions on people’s private property include:

  • Freezing Savings – no time-frame (it’s not your money anymore)
  • Make bank transfers dependent on Central Bank approval (a money tzar?)
  • Lower ATM withdrawal limits (spend it how we say?)

The capital controls will be designed ”so that citizens have access to sufficient cash to go about their lives.” So, there it is, a European Union imposed decision on just how much money each Cypriot can spend per day. Wasn’t it just last week, we were told Europe is fixed?

Handelsblatt cites unidentified central bank sources so we wonder whether this is yet another strawman shot across the bow as the Cypriot government heads in for an early start of discussions at 10am (GMT)


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URL to article: http://www.prisonplanet.com/ecb-to-set-fair-cypriot-standard-of-living-via-capital-controls.html

URLs in this post:

[1] Zero Hedge: http://www.zerohedge.com/news/2013-03-22/ecb-set-fair-cypriot-standard-living-capital-controls

[2] 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

[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] New Obama Law Places ‘Soviet-Style’ Capital Controls on Americans: http://www.prisonplanet.com/new-obama-law-places-%e2%80%98soviet-style%e2%80%99-capital-controls-on-americans.html

[5] G4S Readies Guards as Cypriot Banks Prepare to Open: http://www.prisonplanet.com/g4s-readies-guards-as-cypriot-banks-prepare-to-open.html

[6] HSBC’s David Bloom: “Gold Is The Only Safe Haven Asset That Will Not Do QE, Put In Capital Controls Or Complain”: http://www.prisonplanet.com/hsbc%e2%80%99s-david-bloom-%e2%80%9cgold-is-the-only-safe-haven-asset-that-will-not-do-qe-put-in-capital-controls-or-complain%e2%80%9d-2.html

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