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March 28, 2013

Cyprus Banks Reopen with Tight Restrictions 
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Banks in Cyprus are reopening today after being shut for nearly two
weeks with new controls now in place to prevent people from emptying
their bank accounts. Cash withdrawals are limited to 300 euros, or $384,
per person each day with limits also imposed on how much can be carried
abroad. The electronic transfer of funds out of Cyprus is banned.
Officials still fear mass withdrawals after it was announced major
swaths of larger-size deposits would be used to pay off banking debts
under a $13 billion international bailout. Mass protests against the
bailout continued Wednesday as thousands took to the streets in the
capital Nicosia.

Mathew Elefteriou: "I think that we should leave the troika and do this
on our own, because they forced us to take these austerity measures, and
the people have done, in my opinion, nothing wrong. The banks, the banks
should pay, not the people."

 

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