Could it happen here?

What happened in Cyprus has been unnerving.  Because of poor fiscal management,  the government announced it would take 10% from individuals ‘ bank accounts,  causing a “run on the banks ” where individuals sought to withdrew their money (Duh,  don’t know why officials in Cyprus could not foresee such a reaction). The Government of Cyprus then closed banks for several days. In the meantime,  government officials decided to take a percentage from bank account above a certain numerical amount.

This drama in Cyprus makes me wonder – could this happen here in the United States?  I doubt it but there are lessons one can learn  from this episode.

Don’t assume you can withdraw money from your ATM anytime you want. Keep some cash around the house.


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: