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England sends plane stuffed with cash to Cyprus

By Mason White 6:41 AM March 20, 2013
Cyprus bank location 

By: Debbie Gross
What happens when the bank runs out of money? Get cash from the plane.

Britain sent a military plane carrying one million euros in cash to Cyprus on Tuesday for its troops on the island as ATMs and bank cards stopped working, the Ministry of Defense, said.

About 3,500 British troops are based in Cyprus, which has been granted a bail out of 10 billion euros. A tax on depositors’ bank accounts as part of the deal provoked outrage and shook financial markets.

“A Royal Air Force flight left this afternoon to Cyprus with 1 million euros on board as a contingency measure to provide military personnel and their families with emergency cash in case ATMs and debit cards stop working completely,” the Ministry of Defense said in a statement.

“We will keep this under review and consider additional shipments of cash if necessary,” the Ministry of Defense, added.
British troops in Cyprus will be given the option of having their monthly salaries deposited in British bank accounts instead of Cyprus bank accounts in the future, the statement added.

The European Union and the International Monetary Fund are demanding Cyprus raise 5.8 billion euros from depositors to ensure the bailout needed to rescue its financial sector.

The Cyprus Government is working on a new proposal that could save smaller bank accounts after the original plan drew an angry response.