Cyprus’ bank crisis and looking back to FDR’s Fireside chat on March 12 1933
Cyprus' banking crisis and the European bailout seem to have averted a run on the banks, now that the financial institutions are opening up again after 2 weeks of being closed. These are the "new rules of the game" for the Cypriot account holders:Account holders may not exceed 300 euros per day pickup . With their credit card, the Cypriots can spend as much as they need, at least as long as they remain in their own country. For payments by credit card abroad, there is a limit of 5,000 euros per month. Those who travel abroad cannot take more than 3,000 euros cash with you. Let's pull in FDR's first fireside Chat on March 12 1933 where he explains how a bank works, as the country was experiencing the Great Depression. 80 years later, history keeps repeating itself!