Thursday, March 21, 2013

Cyprus Crisis Worsens – Banks Near Collapse, Remain Closed

The Eurozone is beginning to crack...

The American stock market was down almost 100 points today because of the ongoing crisis in Cyprus.

The crisis is even worse as banks limit withdrawal amounts, one bank is almost out of money, the EU will cut the country off financially on Monday, banks are closed until at least Tuesday, and the two largest banks may NEVER re-open if the liquidity problem is not solved.

If Cyprus leaves the European Union, which country will be next? How soon will the bank runs in Cyprus expand to Italy or beyond?

What will all of this mean for America?

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WITH BAILOUT IN QUESTION, CYPRUS TEETERS ON FINANCIAL RUIN
Fox News
March 21, 2013

Facing a Monday deadline before the European Central Bank cuts off funding, Cyprus is racing to prepare a resolution of Laiki Bank, the tiny island country’s second largest bank.

Laiki Bank, also known as Cyprus Popular Bank, reportedly lowered the daily per-person limit on ATM withdrawals to 260 euros on Thursday amid reports of long lines of jittery customers.

Cyprus has announced its banks will remain closed until Tuesday.


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U.S. STOCKS SELL-OFF ACCELERATING; DOW’S OFF MORE THAN 100 POINTS AS CYPRUS SITUATION WORSENING
Investmentwatchblog.com
March 21, 2013

In case Cyprus leaves eurozone, it will be a good example of the rest of us. And we will also find out, what is happening to a country AFTER the euro.


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Continue to pay attention to the crisis in Europe. The worse it gets, the sooner it will affect you…

Posted by:
Charles M. Grist

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