Cypriots Facing Draconian Banking Controls as Crisis in Confidence Spreads to Germany

Socialism ---Political Follies

(The Telegraph) Cyprus citizens face draconian controls over how they may spend their own money, use debit cards or even access their savings beyond May–some 13,000 British based customers of the Cypriot Popular Bank could lose all of their savings above 100,000 Euros.

Cypriot capital controls that are unprecedented in modern banking will include tight weekly personal allowances for cash withdrawals, restrictions on moving Euros outside Cyprus, new lower limits on credit and debit cards and a ban on checks.

Fear that Cyprus growing financial crisis may spread, Germans are expressing concerns about their bank accounts according to Merco Press 54% of Germans are now worried about their savings and investments, while only 41% have confidence in Chancellor Merkel’s guarantee that their holdings are safe.

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