Cyprus Banks To Reopen Next Tuesday At Earliest; Capital Controls Become RealitySubmitted by SteveMT on Wed, 03/20/2013 - 12:42
Cyprus Banks To Reopen Next Tuesday At Earliest As Capital Controls Become Reality
We can only hope that nobody will be shocked that the greatly overhyped Friday Cyprus bank reopen has been postponed.
CYPRUS BANKS EXPECTED TO REMAIN CLOSED THROUGH END OF WEEK:CYBC
And since March 25, Monday, is another Cyprus bank holiday, "Greek Independence Day" (from whom? Certainly not the Troika), it means Cypriot banks will now remain closed at least until next Tuesday and likely far longer. In the meantime, since TV cameras can't show lines of people at their freindly neighborhood bank, which will have been closed for over a week, the propaganda machine will blast full bore how because the market is pushed higher by the Fed, any fears of bank runs can be forgotten. Actually instead of "can", replace with "must."
But since banks have to reopen at some time, at which point the inevitable bank runs will become reality, the already discussed Plan B is now taking shape:
CYPRUS CABINET TO DISCUSS DECREE ON CAPITAL CONTROLS: CYBC
It remains to be seen if a country can't have a bank run in the New Centrally-Planned and Despotic Normal, if there is simply a law saying it is now illegal to pull or transfer more than €100 of cash per day.
Capital Controls Review: [For everyone to know what is possible]
1. Imposing limits on daily withdrawals from bank accounts
2. Capping the amount of money that can be electronically taken out of the country and making these transactions slower to clear; and
3. Introducing border checks to cap the amount of cash leaving in the country.