ZeroHedge – A Year Later, Cyprus Still Has “An Emergency Situation” And Capital Controls – 9 April 2014

ZeroHedgeSubmitted by Simon Black via Sovereign Man blog,

Imagine that your country and banking system are so broke that you have to receive approval from a special committee just to send your own money to your kids who are away at university…

Crazy, right?

But that’s exactly what’s going on in Cyprus. And it all happened overnight.

Just over a year ago, people across Cyprus went to bed thinking everything was just fine. They woke up the next morning to a brand new reality: their government AND their banking system were flat broke.

In collusion with other European powers, the Cypriot government FROZE bank accounts across the country. Suddenly an entire nation had no access to their savings.

Read the full story at: / link to original article

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