It was very much unavoidable. As of right now, people in Cyprus are hungry for hard cash. For paying in gas stations, even groceries, suppliers want cash. Milk and medicine for your child? Cash only.
The problem isn’t just bank accounts being frozen and cash becoming a rare commodity as ATM become empty. Suppliers and business owners want cash because it’s the only way to keep it out of the blood sucking banks that just stole a cut of people’s money!
Reporter’s Notebook: Worried CypriotsScramble for their Money
How many times have you read it here? You must have at least one month’s expenses worth of cash, and more is better. The simple matter is, no banks can survive a bank run. Doesn’t matter what bank it is and what country you’re thinking of. If everyone tries to close their accounts at the same time people will realize that there’s hardly enough cash in the average branch to cover 1% or 2% of the deposits, let alone everyone at the same time.
These days, you just never know and you’ve got to be prepared. There’s always great excuses to freeze people’s accounts. It could be a glitch in the system, a bailout “tax” or a cyber-attack from China. In the current unstable economy that we all live in, you simply need to have enough cash to get by if banks close.