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Cypriots went to bed on Friday thinking everything was fine. By the next morning, they had no way to pay bills or buy food.
It’s certainly a chilling reminder of how quickly things can change. And why.
The entire crisis sprang from a mountain of debt. The government had accumulated too much debt. The banking system had accumulated too much debt.
And banks had lost a lot of their customers’ money making risky, stupid bets on things like Greek government bonds.
By March 2013, Cypriot banks were almost entirely devoid of cash.
Sure, customers could log on to a website and check their bank balances.
But there’s a huge difference between a number displayed on a screen, and a well-capitalized bank that actually holds abundant cash.
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