The Cyprus Cash Crash: A Case of Collective Punishment

Leonidas Efthymiou () and Sophia Michael ()
Additional contact information
Leonidas Efthymiou: Intercollege Larnaca
Sophia Michael: Intercollege Larnaca

Chapter 13 in The Book of Payments, 2016, pp 131-140 from Palgrave Macmillan

Abstract: Abstract This chapter presents a recollection of the events that occurred in Cyprus during and after the two-week period (15–28 March 2013) when the country was left with no banking system, subsisting solely on ATMs and payment cards. It examines the role of local bankers and key institutions, such as the International Monetary Fund (IMF), European Central Bank (ECB), and Eurogroup, in the light of corporate legitimacy; and appraises the transformation of the Cypriot society three years from the levy imposed on depositors. This work suggests that Automated Teller Machines (ATMs) and payment cards played a political role, securing peace through controlled circulation of money and transactions with restrictions. In addition, we argue that the new deal has sunk the real economy and pushed people towards practices and activities in the unrecorded sphere.

Keywords: International Monetary Fund; Banking System; Banking Sector; Hedge Fund; European Central Bank (search for similar items in EconPapers)
Date: 2016
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-60231-2_13

Ordering information: This item can be ordered from
http://www.palgrave.com/9781137602312

DOI: 10.1057/978-1-137-60231-2_13

Access Statistics for this chapter

More chapters in Palgrave Macmillan Books from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().