Cyprus banks to open Thursday, limits imposed on transactions English.news.cn 2013-03-28 05:55:06 NICOSIA, March 27 (Xinhua) -- Cypriot banks will open on Thursday after a 10-day bank holiday decreed by the finance ministry but transactions will be subject to certain limits, a Central Bank official told the state broadcaster Wednesday night. The controls aim at preventing panic outflow of deposits in the aftermath of a bailout deal for Cyprus involving a loss on deposits in its two main banks. Yiangos Demetriou, head of internal audit at the Central Bank, said no check payments for any purpose will be allowed and account owners will not be able to withdraw more than 300 euros (384 U.S. dollars) per day. A decree imposing the limits will stay in force for four days but it can be amended depending on conditions and be extended for up to a month. Demetriou said banks will be open for transactions between 12:00 noon (1000 GMT) and 18:00 local time, instead of the normal 08:30 to 13:00 bank hours, to give employees time to be briefed on the new arrangements and make adjustments to computer programs. Credit card can be used for transactions of unlimited amounts but transfer of money between banks either locally or abroad will not be permitted except for commercial transactions up to 5,000 euros. A special committee will be set up to examine applications for transactions of 5,000 to 200,000 euros, which will be submitted collectively by each bank. Applications for transaction of over 200,000 euros will be submitted and examined individually. Demetriou said payment of salaries will be allowed for unlimited amounts provided that they do not involve transfer of money to other banks and payment of bills on the strength of standing orders to banks will be done normally. Account owners will also be allowed to make electronic payment of bills or transfer money between accounts in the same bank. Students abroad will be permitted an allowance of 3,000 euros per three months. Demetriou said he was confident that people have come to understand the critical situation the country is facing and also that there is no point to withdraw money just to stash it somewhere in their house. "It does not serve any purpose to withdraw their money from the banks ... and take them somewhere," Demetriou said.
I just read where Cramer thinks all heck breaks loose. I just don't see it. Especially given today's bounce. US markets probably not even blink. Am I wrong?
Since when did loaning money become an activity that entails no risk?? What happened to the words "due diligence"? And the sage saying: "A fool and his money are soon parted?" Or are the "sophisticated investors" who loaned that money to be protected from their own stupidity...?
Cyprus is where drug money parked. legitimate banks in Europe are jealous of the dark trade. They 've lost businesses to these banks in Cyprus. They just want to get a piece of the banking action... it's a way to transfer some of the illicit trade to the legit world.
I don't know if you have noticed but a lot of the phone and fax solitations we receive here in US are from comapnies contracted out of Cyprus eg cruises, vacations etc..
Just take a minute, jot down the events pre euro. stop at the weekend. take each event that occurred around the world. imagine all those events occurring at one time, all the time forever in the country you live. think of the way protesters were handled, think of your rights, (that should be a easy thought where ever you live) nothing was done or decided this month, bakers can count. Russia live in Russia. It is ok cause they owe the money you say. Very well. Everything is separate and explainable. if you dont get the media will help you. Enjoy the distraction. EU will never happen to you cause your country is either financially better then them (get a new calculator) or cause your country doesn't do that, or there are rules in place that cant be broken. lol pick me up some Monsanto cereal with your weekly allowance but be back before curfew.
Come on, to that one would need to hire a fleet of IT pro's. Assuming it is true I trust the US will continue its recruitment of It pros. The internet is the source for reality. Sucks for you.