Cyprus capital controls will be "very temporary"-president

NICOSIA, March 25 Mon Mar 25, 2013 3:16pm EDT

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.

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

California state worker Albert Jagow (L) goes over his retirement options with Calpers Retirement Program Specialist JeanAnn Kirkpatrick at the Calpers regional office in Sacramento, California October 21, 2009. Calpers, the largest U.S. public pension fund, manages retirement benefits for more than 1.6 million people, with assets comparable in value to the entire GDP of Israel. The Calpers investment portfolio had a historic drop in value, going from a peak of $250 billion in the fall of 2007 to $167 billion in March 2009, a loss of about a third during that period. It is now around $200 billion. REUTERS/Max Whittaker   (UNITED STATES) - RTXPWOZ

How to get out of debt

Financial adviser Eric Brotman offers strategies for cutting debt from student loans and elder care -- and how to avoid money woes in the first place.  Video