Strong capital controls to avoid bank run in Cyprus

By in

images (1) The complete plan to control capital in Cyprus and avoid a run on the banks by depositors is expected to be ready on Wednesday. Thousands of Cypriots have protested at the bailout deal this week in the streets of Nicosia and all the other cities. They believe these measures will cost many of them their jobs and an economic collapse in the island. European leaders, on the other side believed without this deal Cyprus will already be out of the Eurozone. ‘Banks will open on Thursday’ Finance Minister Michalis Sarris explained. The central bank governor said earlier that ‘loose’ control will be a happening in all banks. Earlier, the minister explained that they could be in place for weeks. Banks had been closed since the middle of March that talks about bailout started.