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Cyprus readies capital controls to avert bank run

Posted By -NO AUTHOR- On 03/27/2013 @ 8:49 am In Front Page,Money,World | No Comments

(Reuters) – Cyprus is finalizing capital control measures on Wednesday to prevent a run on thebanks by depositors anxious about their savings after the country agreed a painful rescue package with international lenders.

Cypriots have taken to the streets of Nicosia in their thousands to protest against a bailout deal they fear 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.

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