Open Europe Blog

About those “temporary” Cypriot capital controls:

From Iceland’s letter of intent to the IMF dated November 2008, highlighting the intention to remove capital controls “as soon as possible” (click to enlarge):

“In order to remove the capital controls in a gradual, sequenced manner without inducing instability, it is necessary to reduce uncertainty about and create sufficient confidence in the economic programme. Many important steps have been taken in this direction in the recent term. These should make it possible to begin lifting the controls in the next few months.”

Yet four years on, capital controls are still going strong….

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