Banks in Cyprus reopened Thursday morning — after two weeks in which they had to keep their doors closed as European leaders worked out a bailout deal for the island's struggling financial sector in a bid to keep its problems from triggering similar crises in other ailing EU nations.
Robert Siegel talks to Joseph Cotterill, writer for the Financial Times, about what may happen if the European Union's bailout plan for Cyprus succeeds and which country may be poised to take on the role as the next Cayman Islands of Eastern Europe.
Originally published on Thu March 28, 2013 7:48 am
Credit ceoln / Flickr
One day, the legislature in the state where you live passes a new law: Until further notice, you're not allowed to take your money to another state.
There are exceptions. You can take a few thousand dollars with you if you go on a trip. You can do some out-of-state shopping on your credit card, but not too much. Beyond that, all your money — your checking account, your savings account, the cash you buried in your backyard — has to stay in your state. You're free to leave the state, as long as you don't take your money with you.