EU: Banks still shut in Cyprus as island fights to stave off collapse

The Telegraph ^ | 3/20/2013 | Harry Wilson

[bruinbirdman]

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.

[MeneMeneTekelUpharsin]

When they have to cancel Idol because the contestants keep fainting from hunger, then you'll see some concern.

This is in the top ten, truthful while also funny, comments I have ever read on Free Republic. Totally stunning, well-written, hilarious post. Kudos.

[silverleaf]

the Brits packed a military plane full of cash and and sent it there so they can pay their 3,000 troops

Any who had money in a Cyprus bank lost it or will lose it so the Brit govt has stopped paying pensions and military pay that goes ot Cyprus bank accounts

I read there are 12,000 expat brits retired there, many of whom parked their life savings in the bank

[Kozak]

I’ve seen reports that buying gas is cash only. I bet the same applies to other transactions.

[1010RD]

All large civilizations are built on trust. One of the reasons the third world is the third world is the utter lack of trust. If you’re not in my tribe or guanxi then there’s no incentive for me.

Liberals who’ve discovered economics love incentives, but incentives are fleeting. It’s why the Judeo-Christian west grew rich - honesty, good old fashioned Christian honesty.

Without a God who knows, well, society just cannot prosper.

[silverleaf]

interesting question, about the “rule of law”

like the “rule of law” that governs elections here in the US?

How about contract law that dealt with GM bondholders?

How has the “rule of law” dealt with Jon Corzine for stealing over a billon dollars? With Tim Geitrhner and Charles Rangel for tax fraud?

How about our “rule of law” based on a Constitution that specifies our president must be a natural born US citzen?

[21twelve]

“All large civilizations are built on trust...... Without a God who knows, well, society just cannot prosper.”

Our Founders knew that well (”In God we Trust”).

I figured checks would be worthless, and it makes sense that credit cards too. Both are forms of trust. And then of course it turns to the physical cash itself, when the trust that it will still be worth $1 tomorrow is gone.

And in America today, most folks don’t even have $1,000 in the bank they can tap in an emergency - much less have under the mattress if/when this happens here.

****************

From the net:

A majority, or 64%, of Americans don’t have enough cash on hand to handle a $1,000 emergency expense, according to a survey by the National Foundation for Credit Counseling, or NFCC, released on Wednesday.

Only 36% said they would tap their rainy day funds for an emergency. The rest of the 2,700 people polled said that they would have to go to other extremes to cover an unexpected expense, such as borrowing money or taking out a cash advance on a credit card.