Monday, April 1, 2013

Mad Rush to find Cypriot cash escape route

According to the Financial Times: The hunt is on to find ways to circumnavigate the new draconian capital controls in Cyprus and get money off the island.
At least three people have attempted to flee the island in recent weeks with more than €200,000 in cash on their person, according to official sources. The money was in all cases confiscated and the people questioned by the authorities.  Individuals have only been allowed to take €1,000 a day out of the country since Thursday under strict capital controls designed to prevent a bank run….But concerns have also been raised in Brussels that politically-connected depositors on the island have been able to move their cash out of Laiki and Bank of Cypus, even though banks were closed from the start of the crisis…..

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