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'60% levy' possible in Cyprus

Savers with the Bank of Cyprus could be given shares in the bank, a source close to the negotiations has told the news agency Reuters as some initial details of the euro bail out are released.

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Restrictions on withdrawals as Cyprus banks re-open

People in Cyprus will be able to visit their banks on Thursday for the first time in two weeks but restrictions have been introduced on what they are able to do.

These are reported to be:

  • Cash withdrawals from banks will be limited to €300 a day
  • Cashing of cheques have been banned
  • Businesses are barred from transferring money abroad unless they can show it is for imports
  • People leaving the island can take no more than €3,000 in notes
  • Limit of €5,000 per month on use of credit cards abroad
  • Families with members studying abroad cannot send more than €10,000 a term to relatives

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