Last Minute Deal Reached in Cyprus

[bjl584]

http://www.reuters.com/article/2013/03/25/us-cyprus-parliament-idUSBRE92G03I20130325

[Wino]

"Deal?"

Did you look at the rules for money in Cyprus right now?

• Restrictions in daily withdrawals
• Ban on premature termination of time savings deposits
• Compulsory renewal of all time savings deposits upon maturity
• Conversion of current accounts to time deposits
• Ban or restrictions on non cash transactions
• Restrictions on use of debit, credit or prepaid debit cards
• Ban or restriction on cashing in cheques
• Restrictions on domestic interbank transfers or transfers within the same bank
• Restrictions on the interactions/transactions of the public with credit institutions
• Restrictions on movements of capital, payments, transfers

In addition, those crossing the borders are being searched - but only if there is "cause" (like you're Russian, maybe?) - and if they have more than 10K Euros, it is being confiscated.

If I were in Spain, Italy, or one of the other "targeted" countries, I'd probably be pulling my money out yesterday. If the bankers were on the other side of the counter, this would be bank robbery. Strike that... this is bank robbery, but sanctioned by the State.