People leaving Cyprus can only take €3,000 & can only spend €5,000 per month on credit cards.Submitted by go213mph on Wed, 03/27/2013 - 19:16
Cyprus has made eurozone history by imposing swingeing measures to stop money flooding out of the country when its banks reopen after a 12-day hiatus on Thursday. After repeatedly delaying the reopening of the banking system, officials said banks would finally open at noon local time, raising concerns that customers will scramble to remove savings on which they could otherwise be facing losses of at least 40%.
Cash withdrawals from banks will be limited to €300 (£253) a day – although banks in recent days have been restricting withdrawals to €100 per customer to prevent them running out of cash while the country has negotiated its €10bn bailout.
Yiangos Demetriou, head of internal audit at the island's Central Bank, told the Cypriot state broadcaster that a limit of €5,000 would be set on the use of credit cards abroad and insisted the measures would be imposed for just four days.
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(OP EDIT: Iceland put captial controls on the money in their banks in 2008 when they let them fail and STILL have not lifted them)
Iceland appears at a loss as to how to lift the restrictions without sparking more capital flight by foreign investors. There are worries that this is dampening investment and creating asset bubbles, such as in real estate.