With news this evening that the Cypriot banks will not now be re-opening tomorrow (as perhaps – as we noted earlier – a little more of those precious deposits leaked away during the closures than expected):
- CYPRUS BANKS TO REMAIN CLOSED THROUGH MARCH 27: CENTRAL BANK
We thought it useful to consider Cyprus in relation to the longest bank closures in history. Cyprus has now shutdown its banking system longer than Argentina, Ecuador, and Uruguay and as far as President Anastasiades comments that capital controls are temporary – we can only hope for the depositors sake – that it’s not as temporary as Argentina’s 120 month ‘restrictions’ starting in 2001.
(h/t @faisalislam via Nomura)