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Thursday, March 28, 2013

Banks In Cyprus Reopen

The banks in Cyprus reopened this morning at 10:00GMT.

There has been no panic or a shambolic dash by people to withdraw all their cash.

For why?

The capital controls limiting daily manual withdrawals (to what you can take from cash machines), the banning of cheques etc are ensuring that there cannot be a mass withdrawal of cash by those who were not tipped off before the crisis occurred.

However, the litmus test will be when/if the capital controls are removed in seven days time.

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