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.

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