Cyprus capital controls will be "very temporary"-president
NICOSIA, March 25
NICOSIA, March 25 (Reuters) - Cyprus will introduce capital restrictions to prevent an outflow of money when its banks reopen this week but the measures will be "very temporary," President Nicos Nastasiades said on Monday.
"The central bank will implement capital controls on transactions," he said in a televised address to the nation. "I want to assure you that this will be a very temporary measure that will gradually be relaxed."
Anastasiades said the bailout deal reached overnight in frantic talks with the island's partners in the euro zone was "painful" but the best under the circumstances.
- Housing, jobs data weaken, but overall economic picture still upbeat
- Putin critic Khodorkovsky in Germany after pardon |
- Target probe eyes overseas hackers; stolen cards for sale online
- Pizza outlet attacked as India, U.S. fail to cool diplomat row |
- New York Mayor-elect's reputation for lateness parodied on Twitter