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YOU MAY NOT CASH CHECKS: Cyprus Announces Draconian Rules To Keep Money From Leaving The Country

• Business Insider
 

Dow Jones has details of the new capital controls that Cyprus will impose on its banks when they re-open in order to prevent a full-fledged bank run.

Capital controls are usually a last-ditch effort by policymakers to prevent market outcomes that seem unavoidable. In this case, confidence in Cypriot banks has been shattered in the wake of the financial crisis of recent days.

Banks have been shut down since March 15, and depositors have had only limited access to their cash. It's become fairly obvious after seeing the lines at ATMs in Cyprus that depositors are trying to get that cash out as soon as they can.



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