Cyprus is embarking on emergency efforts to restructure its second largest bank and considering new rules to stop money flooding out of the country's banks when they reopen next week after being shut for ten days.
As eurozone finance ministers held an unscheduled conference call at which they agreed to discuss a "plan B" for Cyprus, the Nicosia government submitted a bill to its parliament that could allow its finance minister or central bank governor to impose capital controls in cases of "public order or security"....
The Lisbon Treaty (EU Constitution) states that the Euro is the currency of the European Union project, so it is unthinkable for any country wanting to remain part of the union to drop the currency. It's as simple as that. A closer political union is the only possible outcome of this crisis, and that's what the elite hope will come to pass.
Jim Lincoln wrote: Cliff, it would be the best thing for Great Britain, Germany and the Scandinavian countries to leave the Euro and the European Union,
Jim thankfully the UK isn`t in the Euro (no thanks to the politicians) although if they did what the people want we would be out off the EU forthwith & get our Sovereignty & our money back but with the promises of a referendum (previously broken) very few people any longer trust the elite and with the rise of UKIP (united kingdom independance party) the three main parties are beginning to quake. Off the soapbox.
Cliff, it would be the best thing for Great Britain, Germany and the Scandinavian countries to leave the Euro and the European Union, though I have my doubts about the latter. Cyprus is a small enough player they can kick it out, "lock, stock, and barrel." Russians won't like that very much, however.