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David, not only are Cyprus's banks bankrupt, but the Cypriot state too.
When banks run out of money, and their investments are in toxic debts so they can't claim the cash back, with or without interest, then all people with a deposit in the bank, and all companies, and the state (which also has deposits in banks), go bankrupt, David.
Sorry mate, you have not understood this!
Currently, other EU states are giving emergency CASH to Cypriot banks just to keep the cash machines running on a limited withdrawal regime. The banks are shut in Cyprus, and all money transfers are blocked.
In Britain, in 2008, exactly the same was happening, only that the Bank of England was given orders to print hundreds of billions of pounds to stop the crash of the whole economy.
The EU did exactly the same and printed hundreds of billions of euro in 2008 to prevent the whole Eurozone going bust.
But because the current Cypriot crisis is limited to Cyprus, the EU is not printing any extra euro, and Cyprus alone cannot print euro, because only the EU leaders of a few Eurozone countries, such as the German and French presidents, and the chief of the European Central Bank (Mario Draghi), and a few other EU individuals in high positions, can make the decision to print euro.
David, in 2008, without mass money-printing in the UK, in the Eurozone, in Japan, in the USA and in a number of other countries, the world economy would have collapsed overnight.
Because all these many countries reached THEN the situation Cyprus has reached NOW.
The USA alone has embarked, since 2008, in the mass-printing of TRILLIONS of dollars.
David, unfortunately, you are being carried away by the constant idea that "Brown" alone is responsible for our 2008 financial crash that only mass money-printing managed to plug.
And are simply overlooking the whole worldwide financial crisis.
This comes from Barry's handbooks, but you should look at reality.
And yes, the USA are, at present, still doing mass money-printing, as they are not bound by the Mastricht monetary laws that govern all EU countries, Eurozone and non.
