Cyprus not a full eurozone member: analyst

While capital controls imposed by Cyprus will prevent an anticipated exodus of funds from the country, savers with more than €100,000 ($130,000) stand to lose 40% of their deposits. Decrying the move, analysts allege Cyprus is no longer a full member of the common currency club as “a euro in a bank deposit in Cyprus […]

By Staff | March 26, 2013 | Last updated on March 26, 2013

1 min read

While capital controls imposed by Cyprus will prevent an anticipated exodus of funds from the country, savers with more than €100,000 ($130,000) stand to lose 40% of their deposits.

Decrying the move, analysts allege Cyprus is no longer a full member of the common currency club as “a euro in a bank deposit in Cyprus is not the same as a euro in another member country,” reports FT.com.

Concerns have been raised the rescue plan used for Cyprus could be replicated elsewhere in the Eurozone. However, policymakers have assured Cyprus’ case is unique.