For the first time since the euro was launched on Jan 1, 1999, a member country has restricted how much money individuals and companies can take across its borders.
The tiny island nation put the extensive measures in place to prevent a run on its banks as they reopened around noon local time (6 a.m. ET) for the first time since March 16.
Cypriots have been queuing at cash machines since then as it became clear that deposits would be raided as part of a bailout by the European Union and International Monetary Fund.
For the first time in nearly two weeks, banks in Cyprus will open for business Thursday, but there are strict limits on what residents can do with their cash. Christine Romans is minding your business with the effects of the situation in Cyprus on U.S. stock futures and world markets.
Data shows that the U.S. economy is recovering. "The U.S. is going in the right direction. Cyprus tells us and reminds us that Europe is going in the wrong direction," Romans says. That can hold back investors and stock. "Cyprus is a reminder to be cautious."
Christine Romans is minding your business this morning with the latest on world markets and U.S. stock futures, which are flat ahead of the opening bell after markets closed lower yesterday. And outrage this morning over a lawsuit brought by the former CEO of a company American taxpayers had to save from the “verge of taking down the global economy with it because of stupid, stupid derivatives bets they made.” Romans says, “Today, AIG, the board will consider whether to join a lawsuit to sue the government for being bailed out.”