Things are getting pretty crazy over here in Cyprus. I don't know if you guys have been watching the news or seen things online, but Cyprus is on the verge of economic collapse. 

 

Over the past 5 years the Cyprus stock market has lost 98% of its value and the country has recently entered into a severe economic crisis, considered worse than Greece, Italy, Spain, Portugal etc.. As of last week the two largest banks in the country have completely shut down and froze all wire transfers out of the banks. Walking outside every day this week I have seen massive lines of people at the ATMs trying to withdrawal the maximum amounts. Today there was a man who was trying to get money out and when he realized it was out of cash he shook the machine violently and punched the display while cursing in Greek. If these banks go under (and this may happen) ALL money and all deposits will be lost, which will completely destroy the economy and way of living here. 

 

Last week the European Central Bank offered a multi-billion Euro bailout package to Cyprus in exchange for a massive tax on all civilian bank accounts in the country. If this goes through (and I hope to God it does NOT) It will also devastate the economy and cause a giant run on the bank. Cyprus has also looked to Russia for help because Russians hold tens of billions of euros of investments in Cyprus (and the majority of bank deposits), however, Russia declined. 

 

 

 

Just wanted all you guys to know the real story of whats going on here. Prayers are appreciated (although this is very interesting to watch) many of my local friends have lots of money in the banks.

 

Love you all!

 

Nolan