Pages

Wednesday, March 27, 2013

Analysis: "Cyprus euros" could take on own value with capital controls

People leave a Bank of Cyprus branch in AthensBy Paul Carrel FRANKFURT (Reuters) - Cyprus's plan to impose capital controls threatens to test the ties that bind Europe's monetary union and could see euros on the Mediterranean island valued differently to those in the rest of the bloc. The capital controls, being imposed to avert a run on banks after an EU bailout, will limit foreign transactions and capital outflows but not movements of money within the country itself, the head of the Cyprus chamber of commerce said on Wednesday after meeting government officials. ...



READ THE ORIGINAL POST AT news.yahoo.com