Go With the (Euro) Flow

The banks finally opened in Cyprus today, the first time since March 16. There is no panic, no disorderly bank run, and capital controls are in place to prevent any large withdrawals.

The move to leave smaller accounts untouched helped to avoid some truly ugly scenarios in Cyprus, because big money doesn't throw Molotov cocktails in the street. While your TV shows Cypriots lined up to withdraw a few hundred euros, the real story is happening quietly. While funds are trapped in Cypriot banks, throughout the rest of Europe I expect huge transactions to occur silently, with the stroke of a pen....398 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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