Harsh Cypriot capital controls unveiled

We're getting some details of the capital controls introduced in Cyprus from the Greek paper kathimerini. These reports suggest that capital controls will be introduced on Thursday and last for seven days (although many are sceptical that they will be in place for just a week). Cypriots won't be able to export cash of more than €3,000 (checked at the border) and there will be curbs on cashing cheques and a ban on ending time deposits. Controls will apply to all currencies and all Cypriot banks, even those that aren't failed banks.