Submitted by: Donald Hank
Cyprus to Restrict Money Flow within Eurozone
8 60 36
Cyprus is imposing unprecedented controls on Cypriot bank depositors moving their money within the common euro currency union as it looks to reopen its banks Thursday.
Cypriot Finance Minister Michael Sarris said the controls are necessary to restore confidence in the island nation’s banking system.
“We believe that some sort of capital controls that will moderate whatever outflows are bound to happen will restore confidence and they will be removed in a relatively short period of time in agreement with, that I say, the general rules of the eurozone and the European Union,” he said.
“We believe that some sort of capital controls that will moderate whatever outflows are bound to happen will restore confidence and they will be removed in a relatively short period of time in agreement with, that I say, the general rules of the eurozone and the European Union,” he said.
