Thursday, March 21, 2013

Run on Diapers, Baby Food, Increase in Robberies

21st March 2013

As the cash strapped island nation faces the real possibility of being cut-off from supplies, Cypriots and other residents flock to stores to stock up on necessities, with the shelves of diapers, baby formula and other baby products emptying first.

ATMs are working, but with bank activity frozen in its tracks for over five days now the economy has screeched to a halt. Without commerce, businesses are beginning to cease to function as service providers are not being paid. Those who are employed continue to go to work (unless they worked for banks) but without bank transfers, those with little or no savings, who depend on monthly pay checks, begin to face the inability to buy food and pay rent/mortgages and other monthly expenses.

Additionally, as people empty their bank accounts in fear of losing their money, storing cash in their homes, house robberies have risen. Cyprus has enjoyed little crime but since the onset of the global economic crises it has seen a rise in robberies, and is now experiencing a greater increase in such crimes.

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