If Your Country's Broke, Don't Hold All Of Your Savings There
Submitted by Simon Black via SovereignMan.com,
On Friday March 15, 2013–just over three years ago–people across the entire nation of Cyprus went to bed believing that everything was OK.
The next morning they woke up to a different reality.
It turned out that their banking system was totally broke. After suffering enormous losses, banks no longer had sufficient liquidity or capital to maintain customer account balances.