Mar 242013

5pm Sunday night: This is what they are reporting in Cyprus where the ancient promise of guaranteed bank deposits is crumbling. Now imagine this happening here. Then: Buy gold! And run screaming for the exit.

Bank of Cyprus customers report ATM limits cut

Two Bank of Cyprus customers have reported that the amount of cash they can withdraw from an ATM has been cut today to €100 (or possibly a little higher)

Kosta Pavlowitch emailed me from the Cypriot capital:

The cashpoint i have been using for the past few days in Nicosia allowed €500 per day til Friday, then €300 yesterday, and today only €100.

And Steven Kimberley confirmed that his cash machine also refused to pay out €200 but would release €100 (suggesting the new maximum figure may be between the two).

This follows the news earlier today that Laiki Bank has lowered its own limit, reportedly to €100 (see 12.45pm).

A third reader, who is a Laiki customer, has told me that an ATM did release €260 earlier today, perhaps before the limit change was imposed.

via Cyprus in last-ditch bid to agree bailout – live | Business |

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