Eurogroup to discuss Cyprus capital controls that minister calls more damaging than the bank levy

A European Union official has said that in the wake of a letter from Cypriot President Nicos Anastasiades, the Eurogroup will meet to discuss the letter and Cyprus' capital controls. From the letter:

It is my humble submission that the bail-in was implemented without careful preparation.

The heavy burden placed on Cyprus by the restructuring of Greek debt was not taken into consideration when it was Cyprus's turn to seek help.

Cyprus' commerce minister has said that capital controls must be lifted, as they are more damaging than the bank levy. However earlier Reuters reported that Eurozone officials had denied the possibility of revising the bailout programme:

There's no chance we'll revise the terms of the bailout, but we'll discuss it on Thursday.

While initially intended to be in place for just a short period of time capital controls have still not been removed - as widely predicted - and are damaging an island economy that has been all but wiped out.

In his letter Anastasiades spoke of how the restructuring of Cyprus' two main banks had seen credit available to businesses collapse.