A Year Later, Cyprus Still Has “An Emergency Situation” And Capital Controls
by Tyler Durden
ZeroHedge.com
04/09/2014
Just over a year ago, people across Cyprus went to bed thinking everything was just fine. They woke up the next morning to a brand new reality: their government AND their banking system were flat broke. Cash withdrawal limits were imposed. Funds transfers were curtailed. Cypriots were even forbidden from doing something as simple as cashing a check. These destructive tactics are called capital controls. And one year later they’re still in place. Naturally, since this is an “emergency situation” in their view, they have to impose these “restrictive measures” in order to safeguard “public order and public security”. In other words, capital controls are for your own good.
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