Cyprus crisis: capital controls to be agreed - live

[dipsydoodle]

Last edited Wed Mar 27, 2013, 10:53 AM - Edit history (1)

Source: Guardian

see 11.55am GMT

Early details of capital controls...

Capital controls to be imposed in Cyprus will limit foreign transactions and capital outflows but not movements of money within the country itself, according to the head of its chamber of commerce.

Phidias Pelides made the comments to reporters after meeting government officials, saying:

We have been assured that limitations will not affect transactions within Cyprus at all.

Where there will be limitations is on what we spend abroad and also on capital outflows.

(via Reuters)

That would prevent the threat of capital racing out of Cyprus, draining its banks and creating a deeper liquidity crisis.

Read more: http://www.guardian.co.uk/business/2013/mar/27/eurozone-crisis-cyprus-capital-controls-banks

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2.50PM GMT update. Capital Controls announced

• All savings accounts must run until their expiry date - with no early withdrawals allowed.

• Cashing of cheques will be suspended, but 'cheque deposits' will be allowed.

• Individuals will only be allowed to take €3,000 in cash on each trip out of the country.

• Cypriots will only be allowed to transfer up to €10,000 per quarter for fellow citizens who are studying abroad.

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onward dear reader.

http://www.guardian.co.uk/business/2013/mar/27/eurozone-crisis-cyprus-capital-controls-banks

[Bosonic]

1. If anyone speaks Greek

Live streaming Cyprus Mega TV news :

http://www.livenews.com.cy/cgibin/hweb?-A=5&-V=livestreaming

[muriel_volestrangler]

2. Bank of Cyprus chief Yiannis Kypri 'sacked'

The chief executive of the Bank of Cyprus (BoC) has been sacked at the behest of the country's international lenders, state media has said.

Yiannis Kypri and his board of directors were removed at the request of the European Union, European Central Bank and International Monetary Fund, the Cyprus News Agency reported.
..
Bank of Cyprus chairman Andreas Artemis handed in his resignation on Tuesday, along with four other directors, but the bank's board rejected the resignations.

Now Panicos Demetriades, the central bank governor, has sacked the entire board on the troika's behalf, the news agency reported.

http://www.bbc.co.uk/news/business-21953222

[dipsydoodle]

3. Full list translated in English

Hats off to Janine Louloudi, a freelance journalist working in Nicosia, for translating the government decree on capital controls into English (you can download it here).

:large

https://twitter.com/faisalislam/status/316930105022767104/photo/1

[Ghost Dog]

4. Officials told Reuters this was as yet only a draft government decree...

... Officials at the Cypriot central bank and finance ministry told Reuters that the newspaper report was based on draft proposals and a final version had yet to be adopted...

... Speaking after meeting government officials, the head of the Cyprus chamber of commerce said: "We have been assured that limitations will not affect transactions within Cyprus at all." "Where there will be limitations is on what we spend abroad and also on capital outflows," Phidias Pelides told reporters...

... Russia, whose citizens have billions of euros in Cyprus and use Cypriot banks to move money around even among Russian firms, cautioned Nicosia against imposing onerous controls on healthy banks and noted that Moscow was reviewing loan terms to Cyprus.

"If there are such measures, this will not foster trust but only provoke additional problems for participants, depositors," Russian Finance Minister Anton Siluanov said on Tuesday. He cautioned that Russian willingness to restructure and extend a 2.5-billion euro loan made to Cyprus in 2011 would depend on the island's decision on capital controls. "We will discuss (restructuring of the loan) in the context of the decisions the parliament adopts," he said. "We are prepared to discuss within these parameters."

State-controlled Russian bank VTB has a subsidiary in Cyprus, Russian Commercial Bank, which has not been directly affected by a bailout deal which focuses on big local banks that lost badly in the restructuring of debts in neighbouring Greece...

/... http://uk.reuters.com/article/2013/03/27/uk-eurozone-cyprus-idUKBRE92F07R20130327