[21twelve]

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!)

[GeronL]

lol

thank goodness it can’t happen here //sarcasm

[jjsheridan5]

The banks are closed? So what. I go to my bank after hours and get cash out of the machine outside all the time.

There are withdrawal limits, and the ATMs are beginning to run out of cash.

On a slightly more serious note. I would imagine nobody will accept a check either. I wonder about credit cards?

No checks, no transfer of money, even within a bank. Credit cards still work, but my understanding is that vendors are starting to refuse to take credit cards. Don't really blame them, since there is a good chance they will never see any actual money. And given what are sure to be shortages, combined with a shortage of cash, vendors are able to be selective.

[autumnraine]

With the Atm run last week, atms are out of cash.

[pepsionice]

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.

[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.