Banks in Cyprus reopened Thursday morning — after two weeks in which they had to keep their doors closed as European leaders worked out a bailout deal for the island's struggling financial sector in a bid to keep its problems from triggering similar crises in other ailing EU nations.
Originally published on Thu March 28, 2013 7:48 am
Credit ceoln / Flickr
One day, the legislature in the state where you live passes a new law: Until further notice, you're not allowed to take your money to another state.
There are exceptions. You can take a few thousand dollars with you if you go on a trip. You can do some out-of-state shopping on your credit card, but not too much. Beyond that, all your money — your checking account, your savings account, the cash you buried in your backyard — has to stay in your state. You're free to leave the state, as long as you don't take your money with you.
The Moscow offices of Human Rights Watch, Amnesty International and several other NGOs have been searched in recent weeks by Russian prosecutors and tax inspectors, prompting concern over what is being viewed by some as a "concerted action" against the groups.
Rachel Denber of Human Rights Watch was quoted Wednesday by The Associated Press as saying that officials from the prosecutor general's office and tax police were conducting an "unannounced audit" and demanding documents.
The chairman of the Bank of Cyprus abruptly stepped down after a special administrator was appointed to oversee its restructuring in the wake of a painful bailout of the island nation by international lenders.
From 'Morning Edition': Soraya Sarhaddi Nelson reports
The deal we posted about Sunday evening — a $13 billion bailout by international creditors for the beleaguered banking system on Cyprus — is being met with skepticism on that Mediterranean island nation.