Posted on 03/20/2013 11:47:22 PM PDT by bruinbirdman
Edited on 03/20/2013 11:54:16 PM PDT by Admin Moderator. [history]
The Cypriot financial system stands on the edge of collapse as local banks on Wednesday remained closed and the European authorities warned they could begin withdrawing support for the country within days.
(Excerpt) Read more at telegraph.co.uk ...
The banks are still closed? I thought that bank levy didn’t pass? Was the money pulled out by government anyway?
yitbos
How are people who are unable to access their money for a week or more coping?
How are people who are unable to access their money for a week or more coping?
I’m just glad I live in the good ol’ U.S. of A. where nothing like this could happen here.
The banks are closed? So what. I go to my bank after hours and get cash out of the machine outside all the time.
On a slightly more serious note. I would imagine nobody will accept a check either. I wonder about credit cards?
As a kid I always though my old man was nuts with his various envelopes of cash hidden around the house in clever spots.
(My kids probably think the same of me!)
lol
thank goodness it can’t happen here //sarcasm
Here, it takes the form of ZIRP and QE. At a minimum, they will at least give us a new acronym, in exchange for stealing our money.
On a more serious note, I cannot understand how anyone in Southern Europe can keep their money in a bank. There is no rule of law, and that money is just waiting to be pilfered. Are people there really that blind?
There is a lesson here for all of us. When it happens hear, no one should be surprised.
Call out for pizza. That’s the plan for dealing with the collapse when it hits here and the stores are closed too....on cell phones...while watching TV/Dish.
It’s all very simple to survive a crisis. People get worked up over the stupidest things I’ll tell you....
The EU can tunnel to the banks.
With the Atm run last week, atms are out of cash.
Based on reports, most of the grocery stores are accepting cash only situations now. Generally, the gas stations and other operations are going toward the same view. I doubt if you wanted to buy airline tickets and leave the isle....that they’d accept a credit card (it’s probably cash there too).
The ATM machines are all filled each day...fresh cash brought to the island by the EU and dispensed over an entire day. Most all of the machines are empty within two to three hours. I think the max you can remove is 500 Euro ($600). Even if your boss pays your paycheck....into your bank account....you can’t pay your landlord with this kind of situation.
The biggest issue is that they will likely reopen by Tuesday (closed for over a week total). The speculation is now that most everyone will walk in and demand all their cash and close the account. The country couldn’t survive an event like that....so it’s probably more of the daily limit of 500 Euro....even if the bank is open.
There’s a lot of comparison to the way it was in 1929 to this Cyprus event. The banks in 1929 used a lot of their cash to invest into Wall Street, then lost a huge chunk. The Cyprus banks took Russian capital, and invested it into worthless ventures for the most part, and lost a huge chunk of it. What this all has to say....is that the Russians billionaires have lost tons of money if the EU allow the banks to fail. This is also why the Germans aren’t so eager to help much on this deal.
preview what will happen to the U.S. soon
Trying to prevent a run on the banks.Think "bank holiday" and FDR.
I wonder if the truth of the matter is that the Cypriot bankers are stealing a large portion of banking funds all of the time and the EU is tired of being blackmailed with the threat of letting the Russians come in and establish a military presence there?
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