Monday 25 March 2013

Cyprus Deal and "Humanitarian" Capital Flight? Sunday Night and Monday Morning

Frankfurter Allgemeine

"Trotz geschlossener Banken und einer Sperre für den Zahlungsverkehr ist in der vergangenen Woche deutlich mehr Geld aus Zypern abgeflossen als in den Wochen zuvor, berichten Frankfurter Fachleute für den Zahlungsverkehr".

Eurointelligence:

"Money outflows from Cyprus have more than doubled last week, to an estimate level of well over €1bn, despite the imposition of capital controls according to a news report; one suggestion is that the central bank may have been flexible in the way it interpreted the sole exemption from the ban – which is to exempt systemically relevant payment".

Reuters: Money fled country's closed banks as exceptional transfers of "humanitarian aid"

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