checkout the capital controls for cyprus

[Large Sarge]

Cyprus Capital Control Details Revealed
Tyler Durden's pictureSubmitted by Tyler Durden on 03/27/2013 10:17 -0400

Insurance Companies


As of now, the banks are still expected to open tomorrow; some of the details of the capital controls to be put in place have been leaked (via Phileleftheros):

•*CYPRUS CONTROLS APPLY TO ALL ACCOUNTS, CURRENCIES
•*CYPRUS BANK CONTROLS INCLUDE CURBS ON CASHING CHECKS
•*CYPRUS BANK CONTROLS TO BE IN FORCE FOR 7 DAYS
•*CYPRUS CURBS INCLUDE BAN ON ENDING TIME DEPOSITS
•*CYPRUS CURBS TO INCLUDE PAYMENTS ABROAD
So no outflows allowed to a foreign country (cough Russia cough) and for only 7 days (Pluto Standard Time?); furthermore, talk is that carrying cash of over EUR3,000 across the border wil be banned.



Via Philenews,


The restrictions will be placed on transactions when banks are open a decree issued by the Ministry of Finance. Then we present the provisions of the Ordinance provided that changes may be made, as yet not announced officially. Since the opening of bank risk and deposit outflows because under these conditions created an emergency situation, and because for ensuring public order and public safety and for overriding reasons of public interest, the Minister of Finance, in exercise of the powers conferred by Articles 4 and 5 of the restrictive measures in trade in Case of Emergency Act of 2013, upon the recommendation of the Governor of the Central Bank will issue a decree provides for the following:



A) No cashing checks. Provided that may deposit checks into account.



(B) Any non-cash payment or money transfer outside the Republic, except:

•(i) payments for commercial transactions within the ordinary activities of the client by presenting documentary evidence. Not require the production of documents for amounts not exceeding €500.
•(ii) payment of salaries of employees working outside the Republic
•(iii) subsistence expenses up to €10,000 per quarter tuition and persons studying abroad and first-degree relatives of persons who have their habitual residence in the Republic, with the presentation of relevant evidence. Provided that all payments made to the beneficiary.
•(iv) Payments or transfers outside the Republic by debit or credit card or prepaid, to €5,000 per month per person for each institution.
•(v) Payments of claims by insurance companies
•(vi) or other payments and money transfers is ensured provided that prior approval of the Commission
(C) Any termination filing deadline before the specified end date unless the product will be used to repay the loan within the same institution.



(D) The transport of euro banknotes or foreign currency in excess of the amount of € 3000 or the equivalent in foreign currency per person per trip abroad. The Director of Customs shall implement this measure.



(E) Financial transaction, payment or transfer, which is not completed before the commencement of this Ordinance, subject to the provisions of this Order restrictive measures.



(F) prohibit a credit institution to perform cashless payments or money transfers that aim to circumvent the restrictive measures.



(G) The restrictive measures apply to all accounts, payments and transfers, regardless of the currency.

Exceptions.



Excluding restrictive measures:
(A) All money transferred from abroad to the Republic.
(B) Diplomatic Missions
(C) financial transactions on their own behalf institution
(D) Payments authorized by the Commission ?
(E) The Republic ?
(G) The Central Bank. This Order is valid for a period of seven days commencing from the date of publication in the Official Gazette.

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[mamboni]

This is bullshit. The people will be further outraged by this obstruction to their deposits. And so they should be. As soon as the banks open it will be balls-to-the-walls withdrawals to maximum allowed. I wouldn't be surprised if they have to close the bansk again after a day or two.

[Libertarian_Guard]

A lesson SHOULD be learned here.......

YOUR MONEY IS NOT YOURS.

But again, the teevee, radio and general malaise render the people incapable of critical thought.

[madfranks]

Excluding restrictive measures:
(A) All money transferred from abroad to the Republic.

Riiiight, like anyone will be depositing money from outside into Cyprus.

[Large Sarge]

here is one to think on,

all the smart investors are already following the Russian lead, and draining their account to equal or below the FDIC limits in Euro land

so, when they come to steal money from spain and Italy (which are certainly next)

there will not be any "big investors left"

in fact, I would say within a month or less, there will be very few deposits over the FDIC limits in all of euroland


so, that means they will start stealing money from the small guys, in earnest

[Large Sarge]

why do they have monthly and quarterly controls/requirments, when the initial listing for the capital controls is 7 days

http://www.zerohedge.com/news/2013-03-27/when-euro-not-euro

[Hitch]

So tomorrow is the day the banks open to masses. Sounds like a financial tsunami is about to hit as people try to take as much as they can out, en masse. Even with capital controls, that's just fuel to the fire, and encourages people to keep withdrawing.

At the speed things happen, it might be a good idea to go out and pick up any last minute things you may need or want. If all of Europe panics and runs the banks, it won't be long before it happens here. Maybe just a few days, or sooner.

[madfranks]

So why is gold/silver just sitting around doing nothing? Shouldn't they be spiking due to this massive uncertainty in the financial world?

[Large Sarge]

So why is gold/silver just sitting around doing nothing? Shouldn't they be spiking due to this massive uncertainty in the financial world?

be interesting to hear what the metals business is like Europe today, this week, etc

coin dealers

remember the bank in Austria that shut its doors for any folks wanting gold delivery from their vault....


those are real gauges, real demand,

[Horn]

So why is gold/silver just sitting around doing nothing? Shouldn't they be spiking due to this massive uncertainty in the financial world?

Not only there, but are also being delivered to places everywhere, this should let anyone know what the "International Community" Government's interests are.

They're most certainly not for a free, healthy, and vibrant economy where an individual might prosper.

[Libertarian_Guard]

So why is gold/silver just sitting around doing nothing? Shouldn't they be spiking due to this massive uncertainty in the financial world?

As you know, paper still trumps metal.

[Twisted Titan]

The best they can do (which they wont) is have DC-10s drop off Pallets of EUROS as nobody will want or deal in credit for the forseeable future irregardless of what the politicos say.

anything less then full cash withdrawls will lead to absolute bloodshed when the cash to fuel the demands dries up

[mick silver]

the world is starting see what paper is . just maybe there will be awaking . people are seeing what hard work get you . nothing

[Carl]

the world is starting see what paper is . just maybe there will be awaking . people are seeing what hard work get you . nothing

They'll see paper for what it is, only after they've seen credit for what it is, a promise to pay paper....

[Horn]

They'll see paper for what it is, only after they've seen credit for what it is, a promise to pay paper....

Agree, I think they find out what little there is to be had it will be closing time.

And what comes after is truly frightening.

[Hitch]

Agree, I think they find out what little there is to be had it will be closing time.

And what comes after is truly frightening.

My thoughts and prayers go out to the honest folks in Cyprus.

This whole event is exactly what we've been preparing for here. By paying attention to what happens in the next few days, in Cyprus, we can really learn a lot to better our preparations even more.