Cyprus Bailout | Capital Controls a Free (for all) Society

Cyprus Bailout | Capital Controls a Free (for all) SocietyCyprus Bailout | Capital Controls a Free (for all) Society

  • Daily withdrawals limited to 300 euros, cashing of cheques up to 9,000 euros per month
  • Those travelling abroad can take no more than 1,000 euros out of the country
  • Payments and/or transfers outside Cyprus via debit and/or credit cards permitted up to 5,000 euros per month
  • Businesses able to carry out transactions up to 25,000 euros per day
  • Special committee to review commercial transactions between 5,000 and 200,000 euros and approve all those over 200,000 euros on a case-by-case basis
  • No termination of fixed-term deposit accounts before maturity

This is only a part of the package of draconian measures introduced after the banks in RoC reopened. What happened to the European edict of free movement of people and capital? The mistake was made in 2004 when RoC was admitted to the ‘club’. Bailing out was a panic measure. Everyone says letting them go down the tubes completely would have been worse. I don’t see it. Worse for the crooks maybe, who with the bailout, come off relatively unscathed.

Every other member of the Union has been fined and pilloried for failing to comply with EU regulations. Cyprus? Sorry did I say Cyprus? Not a sign of any finger pointing let alone action from our stalwart friends in Brussels or Strasbourg. From human rights through property issues, from corporate law to financial regulations, nothing complies with EU norms (not even the book-keeping). So why are they in?

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