7 pictures of lonely journalists hoping for a Cypriot bank run

The bank run probably won't happen, but capital controls might stay for a while.

Sadly for those standing around outside Cypriot banks with cameras and notebooks this morning (and there are way more of them than anyone else right now)...  it might all turn out to be a bit of a snoozefest.

These journalists, for example, are definitely ready for the banks to open:

These journalists are also definitely ready for the banks to open:

These journalists are so definitely ready for the banks to open it's actually a bit painful:

Are we nearly there yet?

Tumbleweed...

Why are the police so calm and unprovocative?

This parrot is trying to help the journalists stay positive:

There was a little excitement over the arrival of some armed guards(!) earlier, but as @spignal points out:

..crushing.

The reason there probably won't be Cyprus bank run is in these here capital controls. People can only take €300 from their account each day, so the emptying of accounts into socks just can't happen in one go.

Here are some other important details from the legislation, designed to ruin media fun today:

- You can only leave the country carrying €1,000

- You can't cash cheques

- You can't transfer (much) cash abroad.

Officially, the controls "shall apply for a seven day period starting from the day of its publication in the Official Gazette of the Republic" - but there's suspicion they might hang around for a bit longer. Here's Courtney Weaver and Michael Stothard in the FT:

This makes sense - those capital controls are the only thing standing between banks and a potential mob, so they're likely to stick around in one form or another, for quite some time.

 
Are we nearly there yet? Photograph: @JoeWSJ

Martha Gill writes the weekly Irrational Animals column. You can follow her on Twitter here: @Martha_Gill.

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Lord Sainsbury pulls funding from Progress and other political causes

The longstanding Labour donor will no longer fund party political causes. 

Centrist Labour MPs face a funding gap for their ideas after the longstanding Labour donor Lord Sainsbury announced he will stop financing party political causes.

Sainsbury, who served as a New Labour minister and also donated to the Liberal Democrats, is instead concentrating on charitable causes. 

Lord Sainsbury funded the centrist organisation Progress, dubbed the “original Blairite pressure group”, which was founded in mid Nineties and provided the intellectual underpinnings of New Labour.

The former supermarket boss is understood to still fund Policy Network, an international thinktank headed by New Labour veteran Peter Mandelson.

He has also funded the Remain campaign group Britain Stronger in Europe. The latter reinvented itself as Open Britain after the Leave vote, and has campaigned for a softer Brexit. Its supporters include former Lib Dem leader Nick Clegg and Labour's Chuka Umunna, and it now relies on grassroots funding.

Sainsbury said he wished to “hand the baton on to a new generation of donors” who supported progressive politics. 

Progress director Richard Angell said: “Progress is extremely grateful to Lord Sainsbury for the funding he has provided for over two decades. We always knew it would not last forever.”

The organisation has raised a third of its funding target from other donors, but is now appealing for financial support from Labour supporters. Its aims include “stopping a hard-left take over” of the Labour party and “renewing the ideas of the centre-left”. 

Julia Rampen is the digital news editor of the New Statesman (previously editor of The Staggers, The New Statesman's online rolling politics blog). She has also been deputy editor at Mirror Money Online and has worked as a financial journalist for several trade magazines. 

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