The economic situation in Cyprus improved after the Eurogroup decided to provide Nicosia with financial assistance in the amount of ten billion euros. According to experts, the acute phase of the crisis in Cyprus has already been overcome.
As a result of lengthy negotiations, it was decided that deposits of more than 100 thousand euros covered by insurance in the EU will be fully retained, and for large – above 100 thousand euros – the tax will be 40%. Cyprus President Nikos Anastasiadis noted that he was satisfied with the agreement.
Now the Cypriot authorities are trying by all means to prevent the outflow of funds of investors. They will be allowed to withdraw no more than 300 euros per day to prevent the outflow of liquidity. At the same time, a number of prohibitive measures are being introduced, including the abolition of cashing checks and restrictions on the export of currency outside the country.
Citizens of Cyprus will also temporarily be unable to take out more than 1000 euros when traveling abroad. Customs officers will conduct checks at border crossings. Continue reading