November 22, 2017

Cyprus banks reopen

Banks in Cyprus reopened after a two-week closure amid EU-IMF bailout talks, with orderly queues for cash and strict limits on daily withdrawals. The BBC News informs that branches were replenished with cash overnight and police were deployed amid fears of a run on the banks. Some queues did form but the mood was calm, and the country’s president thanked Cypriots for their “maturity”. The restrictions on the free movement of capital represent a profound breach of an EU principle, correspondents say. However, the European Commission on Thursday justified the move, saying the “stability of financial markets and the banking system in Cyprus constitutes a matter of overriding public interest”. Information from the Central Bank of Cyprus released on Thursday showed that foreign depositors had already withdrawn 18% of their cash from the nation’s banks during February, before the current crisis hit home.

Source: Bucharest Herald (read more)

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