The cyprus cash crash: A case of collective punishment

Leonidas Efthymiou, Sophia Michael

Research output: Chapter in Book/Report/Conference proceedingChapter

1 Citation (Scopus)

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.

Original languageEnglish
Title of host publicationThe Book of Payments
Subtitle of host publicationHistorical and Contemporary Views on the Cashless Society
PublisherPalgrave Macmillan
Pages131-140
Number of pages10
ISBN (Electronic)9781137602312
ISBN (Print)9781137602305
DOIs
Publication statusPublished - 1 Jan 2016
Externally publishedYes

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  • Cite this

    Efthymiou, L., & Michael, S. (2016). The cyprus cash crash: A case of collective punishment. In The Book of Payments: Historical and Contemporary Views on the Cashless Society (pp. 131-140). Palgrave Macmillan. https://doi.org/10.1057/978-1-137-60231-2_13