The Prodigal Greek

The Greek crisis through a different prism

Cyprus, capital controls

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Here is what a cash economy looks like:

  • Restrictions in daily withdrawals
  • Ban on premature termination of time savings deposits
  • Compulsory renewal of all time savings deposits upon maturity
  • ConversionĀ of current accounts to time deposits
  • Ban or restrictions on non cash transactions
  • Restrictions on use of debit, credit or prepaid debit cards
  • Ban or restriction on cashing in checks
  • Restrictions on domestic interbank transfers or transfers within the same bank
  • Restrictions on the interactions/transactions of the public with credit institutions
  • Restrictions on movements of capital, payments, transfers
  • Any other measure which the Finance Minister or the Governor of Cyprus Central Bank see necessary for reasons of public order and safety

The bill here in Greek:

http://www.philenews.com/afieromata/phil_banners/2013/synallages.pdf

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Written by Yiannis Mouzakis

March 22, 2013 at 11:23 am

Posted in Economico, Politico

Tagged with , , ,

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