The Eurozone Crisis Du Jour: Cyprus

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Banks in Cyprus opened today at 10 am GMT, 10 days after they closed, as Cyprus became the first country in the Eurozone to implement capital and exchange controls in an attempt to prevent a run on the nation’s banks and a collapse of its financial system.

These protective controls have been justified by many of the key players as an urgent “one-off” solution to the latest Eurozone crisis but others have raised concern that they may be used as a precedent for the future. This note examines the exchange controls that have been imposed and publicized by Cyprus to date, and provides some insights as to their nature and status under European and international law.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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