The end of the single currency.

[davywavy]

Just a quick one. Cyprus has just passed capital controls into law, preventing people from taking their own Euros out of the country. Given that the purpose of a single currency is the free movement of capital, it can reasonably be said that the Cypriot Euro and the European Euro are now effectively different currencies.

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[davywavy.livejournal.com]

I note from reuters that the London Branches of Cypriot banks were open all week with no transaction limits, and also international payments through paypal were available, once again with no limits.

Stroke of luck for the Russians there then, eh?