FINANCIAL TIMES: …Under drastic measures that some analysts say are incompatible with monetary union, depositors would be able to withdraw no more than €300 in cash each day, said people familiar with the move. Transfers over €5,000 would require permission of the central ban.
Overseas credit card transactions would be limited to €5,000 per month, but unrestricted in Cyprus. And there would be a ban on people taking more than €3,000 of bank notes out of the country per trip…
While the capital controls are designed to expire after seven days, people with knowledge of the matter said the government would continue to renew the curbs on a weekly basis for as long as necessary. “Otherwise whatever money is left in the banks will fly out of Cyprus,” said one person close to the central bank… (more)
EDITOR: So what is going to keep money from “flying out” of Italy, Spain and Portugal, all facing similar debt problems?
