... because if the Cyprus banks could have printed all the money they wanted, they would have done so. If they didn't have the actual Euros (paper currency), they could have just added it electronically to everyone's bank account and allowed them to use debit cards.
Imagine if every bank really could print money. Then the central banks of the world would lose control over it. Each bank would do whatever it wanted.
Theoretically, any bank could print money, but the reality is that today's system is set up so that only central banks can do it, and then only certain central banks.
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