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Old 03-29-2013, 02:55 PM   #167
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Join Date: Aug 2005
Location: Denver
Posts: 12,737

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Originally Posted by baja View Post
From Reuters:

While ordinary Cypriots queued at ATM machines to withdraw a few hundred euros as credit card transactions stopped, other depositors used an array of techniques to access their money.

No one knows exactly how much money has left Cyprus' banks, or where it has gone. The two banks at the centre of the crisis - Cyprus Popular Bank, also known as Laiki, and Bank of Cyprus - have units in London which remained open throughout the week and placed no limits on withdrawals. Bank of Cyprus also owns 80 percent of Russia's Uniastrum Bank, which put no restrictions on withdrawals in Russia. Russians were among Cypriot banks' largest depositors.

So while one could not withdraw from Bank of Cyprus or Laiki, one could withdraw without limitations from subsidiary and OpCo banks, and other affiliates?
You're still pasting a blog from Hugo Dixon.

If this were happening, why is he the only one reporting it? Sole source for these stories are always suspicious and almost always fiction.

This, on the other hand is widely reported and 3 hours old.

Cyprus Bank Transactions Have No Domestic Limits, Central Bank Says

NICOSIA, Cyprus Cyprus' central bank tried to kickstart spending in a country left reeling by a 10-day bank closure and financial near-collapse by telling Cypriots Friday that there were no limits on domestic debit and credit card transactions.

The central bank made the announcement to clarify the capital control rules it introduced this week to prevent a run on the country's banks.

The banking authority said that, while there is a 5,000 euro ($6,402.50) limit on credit and debit card purchases abroad, there were no such limits on similar domestic transactions and money transfers.
Meanwhile, government spokesman Christos Stylianides said that authorities would look into media reports about a leaked list of politicians and other high-profile individuals who had bank loans written off.
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