ࡱ> q` 1bjbjqPqP .2::2dP$hn Hu 05f&0   (C|) dD dD  EUROPE NEWS March 21, 2013, 8:57 p.m. ET As Cypriots' Confidence Wavers, Cash Is King Businesses Grow Wary of Accepting Checks or Credit and Waits Grow at the ATM; 'What's Going to Happen Tomorrow?' By  HYPERLINK "http://online.wsj.com/search/term.html?KEYWORDS=JAMES+ANGELOS&bylinesearch=true" JAMES ANGELOS NICOSIA, CyprusAt a busy filling station in the center of this Mediterranean island nation's capital, Andreas Yianni, the owner, has a pressing request for customers queuing to fuel up: Cash, please. To keep his business running, Mr. Yianni had to pay 22,000 ($28,000) up front about a third of it in cash to secure a delivery of gasoline on Wednesday. Now he needs to bring in enough cash so he can restock.  INCLUDEPICTURE "http://si.wsj.net/public/resources/images/WO-AN117_CYPLIF_D_20130321184029.jpg" \* MERGEFORMATINET  Reuters A protester, center, argues with police standing guard at the Parliament during a protest by employees of Laiki Bank in Nicosia on Thursday. As Cyprus ended its sixth day without open banks on Thursday, the economy was on a crash cash-based diet, with people's purchasing power increasingly limited to the amounts they are able to withdraw daily from ATMs. Businesses have largely stopped  HYPERLINK "http://online.wsj.com/article/SB10001424127887323419104578374652498270328.html" \o "Click to Continue > by Coupon Companion" accepting checks and doubts are mounting about debit- and credit-card payments connected to accounts in troubled banks amid uncertainty about the future of the country's tottering financial system, as politicians try to negotiate a new bailout deal with the European Union.  HYPERLINK "http://online.wsj.com/article/SB10001424127887323419104578374652498270328.html"  INCLUDEPICTURE "http://m.wsj.net/video/20130321/032113marketshubcyprus/032113marketshubcyprus_512x288.jpg" \* MERGEFORMATINET  The ECB ramped up pressure on Cyprus to seal a bailout pact with the EU and the IMF by Monday, making further funding for the island's ailing banks contingent on a deal. Christopher Lawton reports. "What's going to happen tomorrow?" asked Mr. Yianni. "Europe has to help us." Cyprus's Parliament on Tuesday rejected a rescue plan from the EU and International Monetary Fund that called for a tax on bank deposits. The European Central Bank has threatened to withdraw support if there isn't a new agreement by Monday. In the meantime, ordinary Cypriots are putting off buying nonessentials and lining up at  HYPERLINK "http://online.wsj.com/article/SB10001424127887323419104578374652498270328.html" \o "Click to Continue > by Coupon Companion" cash machines to get what money they can. "We're here because tomorrow, there may not be anything to withdraw," Giorgos Kyriakides, the owner of a cosmetics import company, said as he waited in line at a Laiki Bank ATM on Thursday morning. Shops and small businesses for the most part remained open, but proprietors were adjusting their operations as transactions shifted to all cash, and many said they have had to scale back on new supplies. Kyriacos Papayiannis, the owner of a family-run supermarket, said he is ordering less of some goods in order to conserve cash. On Thursday, he paid 400 in cash for a delivery of baby formula far less than he ordinarily buys. When an elderly woman entered Mr. Papayiannis's office to ask if he would accept a Laiki  HYPERLINK "http://online.wsj.com/article/SB10001424127887323419104578374652498270328.html" \o "Click to Continue > by Coupon Companion" Bank check for 170 to buy some groceries and get some cash back, he answered quickly. "It's not even conceivable," Mr. Papayiannis told the woman, who left without making a purchase. Restaurant and kiosk owner Sakis Siakopoulos said he has resorted to barter in order to meet his obligations. A supplier of meats from Greece, he said, agreed to accept a shipment of Cypriot Halloumi cheese instead of a  HYPERLINK "http://online.wsj.com/article/SB10001424127887323419104578374652498270328.html" \o "Click to Continue > by Coupon Companion" bank transfer. "If I give you a check, who knows if tomorrow I still exist and I'm not  HYPERLINK "http://online.wsj.com/article/SB10001424127887323419104578374652498270328.html" \o "Click to Continue > by Coupon Companion" bankrupt," Mr. Siakopoulos said, before running to his kiosk to pay a tobacco supplier 550 in cash, of course. As fears grew that businesses would stop accepting credit and debit cards, many rushed to ATMs Thursday evening to withdraw as much cash as they could. Petros Prokopiou, a 34-year-old civil engineer and the father of two young c) * 7 8 K N P W hiyz|}Z[\]^tIJWXJPklyz|ι۫ۚۚhh0J5!jhh5B*Uph *hh5B*phjGhB*UphhB*phjhB*Uphhh5B*ph h0J h0JjhUh8 )W:  O P Y |_&tfu;Hgdgdgdgdgdgd & Fdd[$\$gd1|+2,,H..t111gdgd H*//<0>0f0h0t1v111111Uhh5B*ph h0JjhUhhildren, took 500 out of a Laiki Bank machine, saying he was worried his card would no longer be accepted by businesses in the morning. While his family had been able to manage without much change to their routine until now, he said, their anxiety over the future grows each day. "Tomorrow, we could have a problem," he said. "If no one takes my card, I must have cash." A version of this article appeared March 22, 2013, on page A10 in the U.S. edition of The Wall Street Journal, with the headline: As Cypriots' Confidence Wavers, Cash Is King. Copyright 2012 Dow Jones & Company, Inc. All Rights Reserved This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our  HYPERLINK "http://online.wsj.com/public/page/subscriber_agreement.html" Subscriber Agreement and by copyright law. 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