UK banks have a capital shortfall of $38 billion
(Okay that's nothing new. Most of our banks are under capitalized but that leads to the next headline which makes little sense)
Pound rises to Six week high against Euro
(Here's the rub as Shakespeare would say. UK has been doing about the exact same austerity measures as Spain Italy and Greece. Maybe not on such a grand scale but no less harmful to the social programs than the other countries.)
No cashing of checks in Cyprus
(Oh that's going to go over big come payday when most people get their paychecks ) So like the Hotel California deposit will be permitted but only 100 euros will be permitted to be withdrawn. That'll go over big with folks wanting to buy a house or car. And if you think this is bad enough here's the rest of their hair brained scam:
• All savings accounts must run until their expiry date - with no early withdrawals allowed.
• Cashing of cheques will be suspended, but 'cheque deposits' will be allowed.
• Individuals will only be allowed to take €3,000 in cash on each trip out of the country.
• Cypriots will only be allowed to transfer up to €10,000 per quarter for fellow citizens who are studying abroad.
• All credit/debit card transactions abroad will be capped at €5,000 per person, per month.
• The measures will apply to all accounts, regardless of the currency it uses.
• Import payments will be allowed when 'the relevant documents' are provided to the authorities.
• They will run for seven days
(Somebody see a run on tar and feathers here?)