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March 21, 2013

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Simon Breese

Cyprus's travails should cause us all to reflect on the vulnerability of the modern banking system to technology: whither Theo and his friends without cash?

And if you want another case study: the Irish suffered Bank strikes in the 1970s - one lasting six months. As I recall they were saved by that luddite old piece of paper called a cheque. Our Irish cousins simply endorsed their cheques to use them for larger transactions - and with a surprisingly low level of defaults once the banks got going again.

What would happen to a world wholly dependent on NFC, smartphones, internet banking etc etc?

Shripad Vaidya

Simplistic elaboration of complexity. Good one Chris. Really scary for multiple dimensions. I am sure trans-regional impact such as USA, China would complicate the matter further. Can we (as world banking fraternity) do some better jobs for our future generations? (I know it's expensive learning though)

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