Money in your bank account is not there. You basically loan money to your bank in return for some interest and banking services. I am trying to set the right perspective here.
As i said my business didn't have any interest on this account. All banking services were paid by deducting necessary amount from the account annually.
That's not what I mean. Want I want to put forward is that the bank shows a number in your account (the balance) but the money is not acutally there. If you bring 100 100-euro bills to your bank, they wont keep those bills stashed for you. Electronic euro's are not kept aside to fit your balance. That money is just not there. You don't deposit money in a fractional reserve bank so that the bank keeps it for you in a drawyer. You
loan the bank money and the bank goes on doing other things with that money. Only a small part is kept in reserve, which is vastly insufficient to cover all deposits if too much people demand their
moneyloan back.
So, you loaned to a corporate entity that wasn't good for its debts.
My original question was (rephrased): if you accept and understand that you were
loaning money to the bank instead of
having money in the bank, does that change the way you interpret the way things went and who's fault it is that the money is not there?
Whether people could trust banks is a different matter than setting the right perspective. First we should set the facts, and after that we can discuss causes and blame.
Not to speak about the fact that the eurocracy has been always pimping the safety of greek debt like there is no tomorrow, and it was that that sinked the Cyprus banks.
Sorry, but if you had money in a bank that held Greek bonds, you were clearly not paying attention. The only thing I can think of as a defence, is the $100,000 government guarantee but above that, you would be loaning money to a high risk junkie. Again, politicians may have argued that Greece debt was safe, but I have never seen a politician convicted for not telling the truth. That's not a valid guarantee. Otherwise, people would never be accountable or have to bear risks for their own financial decisions. Although awful as it went for OP, that is just not the way we should organise our society.
Ironically, Dijsselbloem got lambasted just for saying this simple truth.
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