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Cyprus Now in Turmoil

Written By On 26/03/2013

With all the financial problems mounting all over the world, Cyprus is the latest in an increasing list of European countries in turmoil experiencing major issues. Nicosia is reported to have crowds of people out in their droves on the streets, protesting and rioting against the government and the financial institutions. They feel that they are being treated completely unfairly.

Banks have remained closed and are now due to open this Thursday. Documents are being delivered to all the bank managers in Cyprus, but they been presented with no clear indication of how much money they can let their customers withdraw. It has been reported that they will be allowed a weekly withdrawal limit and will not be able to cash cheques. There are also reports saying that measures are in place to prevent customers from using their debit and credit cards.

Some Cypriots and people originally from other countries who now live in Cyprus have been trying to apply for a payday loan, but unfortunately they are not easy to obtain if they reside there.

Even the people that have left their money in a twelve month fixed term deposit account for the full year and are now due to receive their funds will not be allowed to draw them all out. There is a limit too of how much the natives from Cyprus will be allowed to take out of the country.

The Cypriot bank managers are said to be very frustrated as they do not have proper guide lines. Apparently all the answers to these questions can be found in 'the documents', but all we have been told thus far is it is full of the word euro and two x's everywhere but is very unclear as to what it all means. It is feared that the documents may be more of a draft than anything specific so at this moment in time nobody knows for certain of the outcome.