> For the complete documentation index, see [llms.txt](https://btcjourney.gitbook.io/start/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://btcjourney.gitbook.io/start/trust-problems-with-our-money/banks-insolvencies-confiscation-and-censorship/the-cyprus-banking-crisis-and-its-aftermath.md).

# The Cyprus banking crisis and its aftermath

Depositors in Cypriot banks lost billions when savings were confiscated to protect the island’s banking system in 2013, in a process known as a bail-in.

| Creator     | Time | URL                                                                                                                    |
| ----------- | ---- | ---------------------------------------------------------------------------------------------------------------------- |
| Ruth Levush | 5min | [Full source](https://blogs.loc.gov/law/2013/04/the-cyprus-banking-crisis-and-its-aftermath-bank-depositors-be-aware/) |

{% embed url="<https://blogs.loc.gov/law/2013/04/the-cyprus-banking-crisis-and-its-aftermath-bank-depositors-be-aware/>" %}

{% hint style="info" %}
**Takeaway** Regular depositors were forced to pay with their bank funds for excessive risk-taking behavior by a couple of Cyprus banks.
{% endhint %}