“Now the government must open the banks’ doors with no bailout from the EuroGroup, the officially unnamed group of eurozone finance ministers. Cypriots will be able to pull euro currency out of the banks. That will force the Cypriot banks to sell assets. Their value will fall. They will not be able to cover these losses for long — a few weeks. Maybe less. Would you keep your money in a banking system that needs a bailout? Wait a minute. You already do. So do I. Cyprus was the first system to get to the edge of the abyss.”
http://teapartyeconomist.com/2013/03/20/the-head-of-the-cyprus-central-bank-is-named-panicos/
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