“It’s been over a year since the banking system in Cyprus officially went bust.  On Friday, March 15, 2013, practically everyone in the country went to bed thinking that everything was just fine.  Many had probably gone to the bank that very day to do business, or logged on to an Internet banking platform.  Yet the very next morning, they woke to a completely new reality: the nation’s banks were broke, and the government was in no position to rescue them.  All the promises they had been told about government guarantees and having a ‘well-regulated’, sound banking system turned out to be lies.”

http://www.sovereignman.com/finance/cyprus-despite-16-months-of-capital-controls-banks-still-pitifully-capitalized-14686/

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