The Cyprus Crisis Explained

People try to withdraw money from a cashpoint machine in the Cypriot capital, Nicosia. The levy on Cypriot bank savers as part of the country's rescue package has been met with shock and fury. Photograph: Barbara Laborde/AFP/Getty Images for the Guardian.

People try to withdraw money from a cashpoint machine in the Cypriot capital, Nicosia. The levy on Cypriot bank savers as part of the country’s rescue package has been met with shock and fury. Photograph: Barbara Laborde/AFP/Getty Images for the Guardian.

Little news is getting as much coverage as the financial crisis in Cyprus and the unprecedented levying of an implicit tax on bank accounts as a means of funding the bail-out. This excellent summary by the Guardian explains the crisis in layman’s terms and is worth a quick read.

The increasing number of financial crises around the world are promoting virtual, digital currencies such as discussed in my blog entry on The Currency We Should Have All Invested In Three Years Ago.

Article Link on the UK’s Guardian.

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