Cyprus controls expected to hit foreign transactions

(Reuters) – Cyprus is expected to stop people taking their money out of the country but will not restrict dealings at home as it tries to avert a run on its banksafter agreeing a tough rescue package with international lenders.

Cypriots have taken to the streets of Nicosia in their thousands to protest against a bailout deal that will push their country into an economic slump and cost many their jobs.

European leaders said the deal averted a chaotic national bankruptcy that might have forced Cyprus out of the euro.  Read more

Categories: Economics, United States

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