YOU MAY NOT CASH CHECKS: Cyprus Announces Draconian New Rules To Keep Money From Fleeing The Country

Dow Jones has details of the new capital controls that Cyprus will impose on its banks when they re-open in order to prevent a full-fledged bank run.

One part of the plan is to allow people to deposit checks – but not to cash them:

Here are additional details, via Dow Jones:

More to come…

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