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The Cyprus Cash Crash: A Case of Collective Punishment

In: The Book of Payments

Author

Listed:
  • Leonidas Efthymiou

    (Intercollege Larnaca)

  • Sophia Michael

    (Intercollege Larnaca)

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.

Suggested Citation

  • Leonidas Efthymiou & Sophia Michael, 2016. "The Cyprus Cash Crash: A Case of Collective Punishment," Palgrave Macmillan Books, in: Bernardo Batiz-Lazo & Leonidas Efthymiou (ed.), The Book of Payments, chapter 13, pages 131-140, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-60231-2_13
    DOI: 10.1057/978-1-137-60231-2_13
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