URGENT ¥¥¥ Cyprus imposes controls, withdrawals only 300 euros a day

Cypriot finance minister Michalis Sarris imposed capital controls on Wednesday following the island's international bailout, stipulating a maximum cash withdrawal of 300 euros a day.

In a decree carried on state media, he cited the "lack of substantial liquidity and significant risk of deposits outflow, with possible outcome the collapse of the credit institutions" as the reasons for the restrictions.

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