My bank account's got robbed by European Commission. Over 700k is lost.

[cr1776]

Impose capital controls in Greece or repeat the mistake of Cyprus

Check this article out today:
http://www.ft.com/intl/cms/s/0/607c4bd4-b5e9-11e4-a577-00144feab7de.html?siteedition=intl#axzz3S0aNG78l

By Hans-Werner Sinn

Another crisis, another insidious bout of capital flight. In Greece today, as in Cyprus three years ago, depositors are withdrawing bundles of euro notes to be spirited out of the country. Most of all, investors are rushing to make electronic transfers to banks elsewhere in the eurozone. In December 2014 alone, €7.6bn were sent abroad, equivalent to about 4 per cent of Greece’s economic output.

High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/607c4bd4-b5e9-11e4-a577-00144feab7de.html#ixzz3S0aqWrE8

In 2012, Cyprus was in a similar bind. Wealthy Cypriots (and foreigners who had deposits there) tried to whisk their funds to safer places, draining liquidity from the island’s banks and threatening them with insolvency.

The Cypriot central bank kept the system afloat by lending out €11bn of newly created money under a protocol known as Emergency Liquidity Assistance. These funds were in effect borrowed from other eurozone central banks, which put euros into the new accounts outside Cyprus that were being set up by fleeing investors.
...

mr sinn is a hardcore neoliberal idiot.

I agree.  Anyone in Greece right now should be using this time period to get their money out of Greece before there are currency controls and a huge devaluation.

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[legendster]

Impose capital controls in Greece or repeat the mistake of Cyprus

Check this article out today:
http://www.ft.com/intl/cms/s/0/607c4bd4-b5e9-11e4-a577-00144feab7de.html?siteedition=intl#axzz3S0aNG78l

By Hans-Werner Sinn

Another crisis, another insidious bout of capital flight. In Greece today, as in Cyprus three years ago, depositors are withdrawing bundles of euro notes to be spirited out of the country. Most of all, investors are rushing to make electronic transfers to banks elsewhere in the eurozone. In December 2014 alone, €7.6bn were sent abroad, equivalent to about 4 per cent of Greece’s economic output.

High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/607c4bd4-b5e9-11e4-a577-00144feab7de.html#ixzz3S0aqWrE8

In 2012, Cyprus was in a similar bind. Wealthy Cypriots (and foreigners who had deposits there) tried to whisk their funds to safer places, draining liquidity from the island’s banks and threatening them with insolvency.

The Cypriot central bank kept the system afloat by lending out €11bn of newly created money under a protocol known as Emergency Liquidity Assistance. These funds were in effect borrowed from other eurozone central banks, which put euros into the new accounts outside Cyprus that were being set up by fleeing investors.
...

mr sinn is a hardcore neoliberal idiot.

I agree.  Anyone in Greece right now should be using this time period to get their money out of Greece before there are currency controls and a huge devaluation.

Who would have thought that the once mighty nation that ruled the world is ruined to what it is right now.
Makes you think if all the superpowers are destined to become something like this.
Sumer, Mohenjodaro, Greece, Italy(Rome), Egypt, all were the mightiest of mighty nations once, kind of like what USA is today.

Any speculations on what would be the state of USA some 2000 years from now ?

[v.mariette]

Impose capital controls in Greece or repeat the mistake of Cyprus

Check this article out today:
http://www.ft.com/intl/cms/s/0/607c4bd4-b5e9-11e4-a577-00144feab7de.html?siteedition=intl#axzz3S0aNG78l

By Hans-Werner Sinn

Another crisis, another insidious bout of capital flight. In Greece today, as in Cyprus three years ago, depositors are withdrawing bundles of euro notes to be spirited out of the country. Most of all, investors are rushing to make electronic transfers to banks elsewhere in the eurozone. In December 2014 alone, €7.6bn were sent abroad, equivalent to about 4 per cent of Greece’s economic output.

High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/607c4bd4-b5e9-11e4-a577-00144feab7de.html#ixzz3S0aqWrE8

In 2012, Cyprus was in a similar bind. Wealthy Cypriots (and foreigners who had deposits there) tried to whisk their funds to safer places, draining liquidity from the island’s banks and threatening them with insolvency.

The Cypriot central bank kept the system afloat by lending out €11bn of newly created money under a protocol known as Emergency Liquidity Assistance. These funds were in effect borrowed from other eurozone central banks, which put euros into the new accounts outside Cyprus that were being set up by fleeing investors.
...

mr sinn is a hardcore neoliberal idiot.

I agree.  Anyone in Greece right now should be using this time period to get their money out of Greece before there are currency controls and a huge devaluation.

and then what?

[hdbuck]

Impose capital controls in Greece or repeat the mistake of Cyprus

Check this article out today:
http://www.ft.com/intl/cms/s/0/607c4bd4-b5e9-11e4-a577-00144feab7de.html?siteedition=intl#axzz3S0aNG78l

By Hans-Werner Sinn

Another crisis, another insidious bout of capital flight. In Greece today, as in Cyprus three years ago, depositors are withdrawing bundles of euro notes to be spirited out of the country. Most of all, investors are rushing to make electronic transfers to banks elsewhere in the eurozone. In December 2014 alone, €7.6bn were sent abroad, equivalent to about 4 per cent of Greece’s economic output.

High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/607c4bd4-b5e9-11e4-a577-00144feab7de.html#ixzz3S0aqWrE8

In 2012, Cyprus was in a similar bind. Wealthy Cypriots (and foreigners who had deposits there) tried to whisk their funds to safer places, draining liquidity from the island’s banks and threatening them with insolvency.

The Cypriot central bank kept the system afloat by lending out €11bn of newly created money under a protocol known as Emergency Liquidity Assistance. These funds were in effect borrowed from other eurozone central banks, which put euros into the new accounts outside Cyprus that were being set up by fleeing investors.
...

mr sinn is a hardcore neoliberal idiot.

I agree.  Anyone in Greece right now should be using this time period to get their money out of Greece before there are currency controls and a huge devaluation.

and then what?

doom

[m.natalie]

this is crazy. sorry for ur loss tho

[Coinshot]

IMHO the 700k is blocked as the 128k plus-some are the part that won't be touched.
you will not lose all the 700k, "only" couple of percent.

stop cryin, that's just TAX EVASION catching up to you.

This shows an entirely different story. Reading the OP I genuinely thought they were being robbed.

[AtheistAKASaneBrain]

Shits about to go down in Greece again. I hope everyone is converting all their wealth into Bitcoin as we speak.

[spazzdla]

Shits about to go down in Greece again. I hope everyone is converting all their wealth into Bitcoin as we speak.

Probably fleeing to USD.. when people start fleeing from USD shit will get real.  This WILL happen.

[AtheistAKASaneBrain]

Shits about to go down in Greece again. I hope everyone is converting all their wealth into Bitcoin as we speak.

Probably fleeing to USD.. when people start fleeing from USD shit will get real.  This WILL happen.

USD is solid for now. If I was in greece i wouldnt go for USD tho, if you are a bitcoin illiterate you should at least know your metals ffs.

[najzenmajsen]

holy shit , that sucks man didnt know banks would do that , im totally mindblown.
this is why the world NEEDS bitcoin!

[ajareselde]

Shits about to go down in Greece again. I hope everyone is converting all their wealth into Bitcoin as we speak.

The situation with Greece is intense , to say atleast, but reading now some articles that are confirming continued financial support from EU to Greece,
and statements from leading people from EU endorsing Greece into staying in the EU. Do they have hidden motive, noone can say for sure, but its possible that things in Greece are going to settle down finally.
Doubt we will see things like OP's tragic loss again with Greece, but i agree that people will get(allready are) nervous

cheers

[solex]

Shits about to go down in Greece again. I hope everyone is converting all their wealth into Bitcoin as we speak.

The situation with Greece is intense , to say atleast, but reading now some articles that are confirming continued financial support from EU to Greece,
and statements from leading people from EU endorsing Greece into staying in the EU. Do they have hidden motive, noone can say for sure, but its possible that things in Greece are going to settle down finally.
Doubt we will see things like OP's tragic loss again with Greece, but i agree that people will get(allready are) nervous

cheers

continued financial support from EU to Greece,  translation:

20% of bailout money to Greece
80% of bailout money to French, German, Spanish, Italian and Squid banks,

100% of the total, plus interest, for Greece to pay back.

[drgonzo87]

Distressing but not surprising, the EU is a racket.

[Wekkel]

No one wants to bite the bullet, but we will revisit Greece soon.

[KizerWilhelm]

I wonder if there is any chance of recovering your lost 700,000K? Insurance?

[molecular]

I wonder if there is any chance of recovering your lost 700,000K? Insurance?

deposit insurance covering would amount to pretty much the same as a bailout, no? The idea of a bailin is to not do that.

[Get-Paid.com]

Just joined this forum after reading this horror story (more than once).
It's simply terrifying.

[mrhelpful]

I`m not too savy with my state countries, but where is cyprus located?

If its greece, then yeah their banking system sucks to the point where they owe money to everyone so more likely those funds are gone somewhere with a political explanation.

But, thats a fuck ton of money just gone. If your money isnt protected like that, I might as well keep in cash with me at my house in safe.

[rpietila]

I wonder if there is any chance of recovering your lost 700,000K? Insurance?

deposit insurance covering would amount to pretty much the same as a bailout, no? The idea of a bailin is to not do that.

What happened is that:

- A bank is an entity borrowing money from the markets and from depositors, and lending it to businesses etc
- It was believed that some banks were insolvent, ie. could not liquidate enough money from their lending side to cover their borrowing side
- In this case law says that it should at least be tried, and if not enough money is gotten, bank goes belly up and depositors and markets lose a part
- What was done is that it was not even tried, and one part of the bank's creditors (depositors) were just robbed of their money, to ensure that the other part (markets) could be made whole. The debtors were not touched.


It is only a test to check if people have a semblance of financial sanity left, expressed by global indignation and refusal to submit to it even one more time, and BTC price exploding because no one will trust in any bank.

It is like a pink flashing puma-like flying object that explodes in the air and the ripples find their ways to everybody's (who is not smoking a cigar) head, smearing them as if it was bubble gum. If people just shrug, even crazier things will happen next time.

[Meuh6879]

to be more clear : no banks have enough fund to pay the deposit ...
that why CDS, CDO and ABS exist.