Capital controls

Historic moment for the eurozone as capital controls approved

Via Max Keiser

To re-iterate, the decision to approve the capital controls bill means Cypriots are likely to soon face tough restrictions on how much money they can take out of their bank, on access to their own savings, and on their ability to transfer funds.

This is the full list of powers that could be imposed (translated by @YiannisMouzakis this morning)

• 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 checks
• 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
• Any other measure which the Finance Minister or the Governor of Cyprus Central Bank see necessary for reasons of public order and safety