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News Print / Email / PDF
Date Posted: 03/22/2013
Estimated Read Time: 2 - 3 mins
Author: Dr. Stephen E Jones

Another letter from Cyprus


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A friend from Minneapolis has a son who is in Cyprus now. Here is an email that he wrote home, describing the chaotic situation there:

Hey fam!

 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. 
 
As it stands now, nowhere in Cyprus accepts credit or debit cards anymore for fear of not being paid, it is CASH ONLY. Businesses have stopped functioning because they cannot pay employees OR pay for the stock they receive because the banks are closed. If the banks remain closed, the economy will be destroyed and STOP COMPLETELY. Looting, robberies and theft are already on the rise. If the banks open now, there will be a massive run on the bank, and the banks will FAIL loosing all of its deposits, also causing an economic crash. TONIGHT there are demonstrations at most street corners and especially at the parliament building (just 2 miles from me). 
 
Many are thinking that the ECB and EU are allowing Cyprus to fail as a test ground for new financial standards. 
 
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

 


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Author - Dr. Stephen Jones

Dr. Stephen Jones has been writing blog posts since 2005 on a variety of topics from Bible Studies to World News, and he has been writing books since 1992. Dr. Jones' most important writings came after God brought him back into the full-time ministry in 1991. It is here that all his earlier years of searching the Scriptures began to come into clear focus. He combines a knowledge of the Old and New Testaments with a personal revelation of God that began and developed during the "wilderness" period of his life, which he often refers to as God's True Bible College... Read More

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