ECB Enacts Capital Controls, Cypriot Savings Accounts Will Remain Frozen When (if) Banks Reopen!

Cyprus bank freezeGermany’s Handelsblatt reports early Friday that the ECB has informed Cypriot authorities that due to a guaranteed epic bank run of their own making that will undoubtedly begin the moment Cyprus’ banks re-open, the ECB intends to enact capital controls when (if) the Cypriot banking system re-opens next week, and that the ECB intends to enforce the capital controls unilaterally!

Handelsblatt claims Cypriot Central Bank sources have stated that the ECB intends to freeze all Cypriot savings accounts indefinitely, greatly reduce the maximum amounts of ATM withdrawals, and will require Central Bank approval for all bank transfers!
 This is sure to re-instill confidence in the banking system among Greece, Portugal, Spain, Italy and the rest of the Eurozone!

If the Handelsblatt report proves true, forget 3%, 7%, 13%, or 40% haircuts…..ALL YOUR FIATS ARE BELONG TO US!!!!

It will be interesting to see how the Cypriot Parliament responds to this latest wealth confiscation attempt by the unelected ECB bureaucrats, particularly after the Cypriots failed to rubber-stamp the ECB/IMF’s initial plan for 3%/7% haircuts.

h/t ZH