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-- in the capital restrictions are going into place in Cyprus as the banks reopened tomorrow there will be no check cashing limits out withdrawal.
And restrictions on the use of debit and credit cards it's been two weeks of struggles for this small island nation on the brink of financial collapse -- -- here to tell us how.
Everything got to this point -- -- Chara just.
It happen overnight the writing was on the wall some while you could say seventeen months ago.
That's when the EU and the IMF decided to Greek bond holders would take a 50% -- -- in the end.
It was because of the 75%.
-- decision cost Cypriot banks more than four billion euros.
Very minuses for a country whose GDP is just about eighteen billion euros that would banks running out of money it all came to a head about eleven days ago march.
The -- Cyprus is becomes the fifth eurozone country to -- for a bailout in exchange for ten billion Euro lifeline.
Bank deposits of more than a 100000 euros would be hit with a 10% tax less of deposits would be taxed at around six and three quarters percent.
As protesters hit the streets the banks have closed fearing a run by panicked customers could wipe them out three days -- -- march 19.
The Cypriot parliament actually rejects the idea of a bank tax two days off to battle march 21.
The ECB the European Central Bank stops to get angry saying that look.
Unless the back taxes put in place back on the table that emergency bailout will be cut off within the week one day -- event.
March 22 but backed tax back on the table is Greek lawmakers again trying to reach some sort of agreement on that levity.
They stick with a 10% tax on wealthy depositors the reduced to less attacks to just 1% -- protests continue across Cyprus.
A march 24 the Cypriot banks then stopped to take affected as I was withdrawals of bank of Cyprus and like he -- Limit the amount of cash to can be withdrawn each state to just 100 euros and in the next day.
March 25 the last minute bailout deal is finally reach in exchange for that ten billion euros.
Cyprus agrees to inflict heavy losses on wealthy uninsured depositors.
Box small savers are spared by the way it locking bank will also be shut down -- with the bank of Cyprus.
But the banks remain closed on this Wednesday.
The twelfth day in a row.
OK after so once the dust settles -- -- is this crisis now over the new bailout going to be enough to solve the problem he had no not necessarily mean I don't think anyone thinks that in the short term though the F bailout funds will allow the government to pay its own debts and restructure the banking system bucks Cyprus is gonna have.
To enact some very tough austerity measures to rebuild its economy is gonna have a big impact more importantly.
It has to -- great regain trust among investors in its banking sector and government for that matter.
The first big test could come tomorrow.
When banks -- scheduled to reopen it tools will be -- fantasy general Ashley -- thank you very much cash appreciate it.
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