4 years ago
robertr
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Capital Controls Remain in Cyprus
Restrictions on the movement of money that were supposed to last only a week have been in place for four months now in Cyprus. This means that even if the Euro-zone remains intact, its worth different things in different countries. A Euro in Cyprus looks identical to one in Berlin, but its worth a lot less because you can't move it around freely. Interest rates in Cyprus are double what they are in other parts of the EU, and no one knows when capital controls will be lifted. This is because investors are so worried about what will happen when money moves freely that the central bank feels obligated to keep things locked down.
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