He said the central bank would impose some limited "capital controls" to prevent an outflow of money when banks reopened.

BBC: Cyprus defends bailout deal amid recession fears

Cyprus became the first eurozone country ever to apply capital controls in an effort to prevent a vast outflow of euros after its banks reopened on Thursday, following a 10-day closure.

CNN: Bank of Cyprus haircut could be as much as 60%

If an American recession caused a flight of capital to safety, these countries would see a sharp outflow of money.

ECONOMIST: When America sneezes | The