Cyprus Banks To Stay Closed Until Tuesday: Central Bank
Source: Straits Times
Banks in debt-hit Cyprus will stay closed until at least Tuesday, a Central Bank official said, after the authority issued a decree stating banks will not open their doors on Thursday and Friday.
Read more: http://www.straitstimes.com/breaking-news/money/story/cyprus-banks-stay-closed-until-tuesday-central-bank-20130321
This confirms what my Istanbul-based friend told me last night, though it was only a rumor at that time spreading through the financial grapevine.
Tough times ahead for Cyprus. So far, the Russians have said, "Nyet" to any deals; if they can't swing something soon, looks like Cyprus will heading back to Brussels hoping the EU deal is still valid.
BlueStreak
(8,377 posts)The whole point of the Euro thing (evolved under various names: ECC, EC, EU) was to try to compete against the US. Well, 20 years later the "United States of Europe" is pretty much at its end.
It turns out there really are a bunch of states that are less educated, less productive, and more costly to support. Yeah, we knew that. We've been carrying ours around for 150 years.
Good luck with your teabaggers, Europe.
slackmaster
(60,567 posts)It's a sad situation.
Berlin Expat
(946 posts)as far as any transactions more sophisticated than that, well, they're SOL. Apparently, the Central Bank of Cyprus is drawing up capital controls to be imposed when the banks re-open. I could be wrong, and I'll have to ask my friend in Istanbul what he's hearing over the next few days, but my gut tells me the capital controls are going to be pretty draconian. North Cyprus has imposed controls already on money coming from the South to the banks in the North.
quadrature
(2,049 posts)so you cant clean out a big account
Berlin Expat
(946 posts)with under 400 or something on hand, but that's about it.
If you've got 500,000, well, that's a lotta trips to the ATM! I wonder what the capital controls are going to look like? I asked my friend in Istanbul, and he said he'll keep me posted. He agreed with my assertion than any capital controls are likely to be quite stringent.
dixiegrrrrl
(60,010 posts)http://www.cnbc.com/id/100571290
The same idea has been floated in the US for the past few years...making 401-k deposits go into Treasury bills only.
Berlin Expat
(946 posts)and the EC/ECB/IMF troika rightly rejected it, in my opinion.
dipsydoodle
(42,239 posts).
quadrature
(2,049 posts)is there any downside?
dipsydoodle
(42,239 posts)Stores there have already stopped accepting cheques which may never be honoured.
Still welcome news ?
quadrature
(2,049 posts)at a time when ten-year US treasuries pay
less than 2%.
on top of that, the major industry of Cyprus
seems to be crime.
am I suppose to feel sorry for these people?
or not, please enlighten me.
aquart
(69,014 posts)Berlin Expat
(946 posts)Like I said in my OP, I think the Cypriots will be back in Brussels by this weekend hoping the deal is still good. Then they'll ram it through the parliament.
That's if the Russians don't pony up with some kind of package of their own.
Paul E Ester
(952 posts)Not nice to Grandma.