EU imposes severe capital controls

Yes, I know the article headline says that it is Cyprus that imposes severe capital controls. However, the demand comes from the troika of the EU Commission, ECB and IMF. So do I think this will be challanged in the EU courts? Not a chance.

Now that ordianry people have to suffer from the excesses of official banking policies, it is ironical that both “the Cypriot government and Central Bank of Cyprus will be exempt from the capital controls.” Blame everyone else, make everyone else pay, that appears the way to go. But I think they are seriously challenging the trust people for some reason still have in the EU, the Euro, politicians and banking system based on a monopolized currency.

Interesting times.

Cypriot depositors will be limited to credit card transactions of up to €5,000 per month and taking a maximum of €3,000 of bank notes out of the country per trip under new capital controls, which will take effect on Thursday….