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EC Statement: Statement by the European Commission on the capital controls imposed by the Republic of Cyprus

( March 28, 2013, 08:01 GMT | Official Statement) -- MLex Summary: Restrictions on the flow of capital within Cyprus are necessary to maintain financial stability and are in the public interest, the European Commission said. The measures may include freezing assets, restricting cash withdrawals and imposing bank holidays. They will initially apply for seven days but can be extended and revised, the commission said.The text of the statement follows....

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