Cyprus Bailout | South’s Banks to Open Tomorrow

Cyprus Bailout | South's Banks to Open TomorrowCyprus Bailout | South’s Banks to Open Tomorrow

Most banks will be open tomorrow, 26 March, apart from the biggest two involved in the bailout. Popular Bank and Bank of Cyprus, will stay closed until Thursday, 28 March, and until then only €100 can be withdrawn from the ATMs. Despite this, there are rumours that currency controls are in place which will limit withdrawals and transfers in the near future. EU law allows these controls to remain in place for up to 6 months in order to prevent a mass exodus of capital. There is also a rumour that large cash withdrawals would be subject to a 7-day notice. Part of the reason for this is that the bailout funds are not expected to arrive until May.

For those who have watched the popular James Stewart movie, ‘It’s A Wonderful Life,’ where a small town bank experience a run on its funds, it looks like it might be a ‘Jimmy Stewart Moment’ tomorrow!

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