Cyprus to bring in weekly cash curbs

[dixiegrrrrl]

6. Depositors are forced, by these rules:

( taken from an earlier post)
http://www.democraticunderground.com/10022558471

* Restrictions in daily withdrawals
* Ban on premature termination of time savings deposits
* Compulsory renewal of all time savings deposits upon maturity
* Conversion of current accounts to time deposits
* Ban or restrictions on non cash transactions
* Restrictions on use of debit, credit or prepaid debit cards
* Ban or restriction on cashing in checks
* Restrictions on domestic interbank transfers or transfers within the same bank
* Restrictions on the interactions/transactions of the public with credit institutions
* Restrictions on movements of capital, payments, transfers
* Any other measure which the Finance Minister or the Governor of Cyprus Central Bank see necessary
for reasons of public order and safety

Notice how the checking accounts will be turned into timed accounts, like Certificates of Deposit,
EXCEPT, like the Hotel California, "you can never leave" the accounts which will have automatic rollover at the end of the time period.

So, yes, if you are depositor in the "good" bank, your money will be autmatically converted to a timed deposit
( much like out cds, here)
and
when the timed deposit matures, it will be automatically rolled over into another timed deposit.
Plus there will be limits on how much of your money you can withdraw, plus restrictions on credit card and debit card llimits.
Sound pretty capitive to me.