New Times,
New Thinking.

  1. Business
  2. Economics
28 March 2013updated 22 Oct 2020 3:55pm

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.

By Martha Gill

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:

Select and enter your email address Your weekly guide to the best writing on ideas, politics, books and culture every Saturday. The best way to sign up for The Saturday Read is via saturdayread.substack.com The New Statesman's quick and essential guide to the news and politics of the day. The best way to sign up for Morning Call is via morningcall.substack.com
Visit our privacy Policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
THANK YOU

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.

 

Content from our partners
Homes for all: how can Labour shape the future of UK housing?
The UK’s skills shortfall is undermining growth
<strong>What kind of tax reforms would stimulate growth?</strong>