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10 lessons from the Cyprus bailout
Throughout the 1960s, with Harold Wilson's Britain dogged by sterling crises and balance of payments woes, holidaymakers were banned from taking more than £50 with them when heading abroad. The "foreign travel allowance" was not lifted until the early 1970s, although it was already widely flouted. The Daily Mail reported in 1968 that four out of five Brits questioned on holiday on the Greek islands had stuffed extra sterling in their socks before leaving home. Now Cypriots face the same kind of controls – and possibly for months or even years to come. Expect customs officers at Nicosia airport to be on the ... (full story)
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