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CNBC: Cyprus Finance Minister: We Hope People Will Believe Us (17 Mar 2013)
Cyprus Finance Minister Michael Sarris told CNBC that there will be no capital restrictions and that people will be able to move their money out of the country on Tuesday after banks re-open.

The Cyprus government announced a bank holiday on Monday and temporary halted all electronic bank transfers after a euro zone bailout imposed a levy of as much as 10 percent on bank deposits. The levy is due to go into effect on Tuesday.

...

"Absolutely, there is no capital restrictions, people can move. We hope people will believe us, believe the collective leadership of the European Union, that this was a necessary step, but a single shot at the problem, and that from now on they can be very confident that nothing will happen to their savings," Sarris said in Brussels.



I distribute. You re-distribute. He gives your hard-earned money to lazy scroungers. -- JakeS
by Migeru (migeru at eurotrib dot com) on Sun Mar 17th, 2013 at 01:28:17 PM EST

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