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REPORT COPYRIGHT VIOLATION IN REPLY
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Message Subject
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Cyprus banks remain closed for another 5 days & will provide controls over withdrawal of money
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Poster Handle
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Anonymous Coward |
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Post Content
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Color me confused. The EU airlifted euros to keep the ATMs
full for withdrawals. It lessons the impact of banks being closed until Tuesday.
So part of this is a propaganda ploy. If they really wanted to put the skewers to the people, they'd have disabled the ATMs, too.
The only thing I can think of is the Russian high rollers said nyet on that idea.
Or cooler heads prevailed because there would be blood on the streets if people couldn't have ANY access to their money.
Quoting: Anonymous Coward 1482838 Think about this. A bunch of Brits fly to Kansas, USA and say "we are here to stock the ATMs of your privately held bank"? No, they flew the cash over to hold over the 3,500 UK soldiers permanently stationed on Cyprus. They won't be breaking into closed banks to stock the ATMs, they will be doing "private banking" on the base. If it's a private base bank why would it be affected anyway? And why wouldn't they just use debit cards for on base commisary shopping. No there's something else afoot. It would have to be like the banks had already been drained of their liquidity (currency)in the vaults before they closed them. Any ATM will work for any debit card even if it's not your bank, you are just charged a transfer fee so what is going on here? Banks carry limited cash on hand. In order to "cash" a check over ~$50k, you have to schedule that so they can get currency, and you have to pick it up within days of delivery. Usually takes a week or so for that to happen. ATMs are also limited on the cash they hold because of robbery (someone drives through one). Most hold $60k at most and that is for a holiday weekend. Multiply that against a Cypriot-style run where people are taking out $500 a day, each. The banks aren't open, so no one is inside to open the vault, order more cash from Brinks and load the ATM. This isn't rocket science. I work at a bank, BTW. Don't believe me - call your bank in the AM and ask them how to cash a ~$50k check (procedure/timing) and let them tell you in person. I worked at a bank for seven years as a vault teller and in proof myself. You don't understand what I am saying dipshit. As a vault teller, I am well aware of how the amount of cash on hand works. You either need to re-read what I am questioning.
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