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

[BitcoinTate]

This is why we have so many guns here in America... especially those "assault rifles:. I promise if this happens in the United State their will be a civil war and a lot of dead bankers...

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[zeroday]

10%... 40%... Now An 80% Confiscation Scheme

[farlack]

As well as a daily withdrawal limit of 300 euros, Cypriots may not cash cheques and those leaving the country will only be allowed to take 1,000 euros with them.

Depositors with more than 100,000 euros will see some of their savings exchanged for bank shares.

http://www.bbc.co.uk/news/world-europe-21973809


I'm assuming you will get 700k in bank shares

[myrkul]

I'm assuming you will get 700k in bank shares

Yaaay free toilet paper?

[Mike Hearn]

I don't think your belief that printing money is better is correct.

It's easy to hate on the EU and Germany here. If the Euro did not exist, it's possible the situation in Greece and Cyprus would never have got so bad .... or maybe it would have. After all the root cause here is not what currency is in use but that reserve ratios dropped globally to the point that banks could loan money almost for free, and all their incentives were to do so.

Regardless, if we start from the same completely insolvent point, having Greece simply create the money needed to pay its debts would have resulted in a completely worthless currency. Zimbabwean dollars would have looked useful in comparison. The debts denominated in this failure of a currency would have technically been repaid but they'd still be worthless - you'd never get back the Cypriot currency used to buy the Drachmas or even a fraction of it.

So the Cypriot banks would still have collapsed. Except, there'd be nobody to bail them out at all, not even the EU.

At the same time, the larger EU countries are not somehow saints or immune from this. I like how people are saying "well, serves you right for putting your money in a high interest country" (when the account earned no interest), as if banks in France or Germany had no exposure to bad debt at all.

Reality check - almost every bank across the world has taken huge hits in the past 5 years due to rampant, huge and utterly idiotic lending sprees. In Ireland it cratered their economy just as it has done for Cyprus. In France and Germany the banks have also been exposed to a lot of Greek debt, just not as much as in Cyprus and the economies behind them were larger and able to bail them out.

The core story here is a human tragedy, due to genuine economic activity being destroyed by the failures of a financial system which systematically misallocates resources. It's simply more extreme than what we've seen elsewhere (so far).

[infested999]

It's easy to hate on the EU and Germany here.

In Cyprus they blame Germany for taking their money. In Germany they blame Cyprus for loosing their money. Both are correct.

[muyuu]

I don't think your belief that printing money is better is correct.

A flat tax to everyone may be bad, but arbitrary selection of victims adds an extra element of fear and helplessness. Especially when you are targeted for having a business, and investing in the country from abroad.

These extraordinary measures are worse because you don't have time to react or to vote with your feet. You are simply robbed before you can even expatriate yourself.

[marcus_of_augustus]

The worse thing is that they have effectively criminalised cash holdings and then started confiscating bank deposits.

So what can a little guy in business do?

It may have been intentional or not but the net effect is they have corralled all businesses to be keeping all money in the bank and then taken it from them. It absolutely is a robbery in essence when you strip away all the legalese and politco weasel words. These guys had no option but to hand over their money.

Note also a lot of the money has ended up in the hands of the bank bondholders and shareholders who have by some evil laws have been placed higher up the creditor list that the bank deposit holders.

[xenium]

Why do people keep harping on the legal tax minimizing jurisdiction of Cypus.  
Tax stuff is completely retarded and besides the point!

Who actually  PLANS to move to a high tax jurisdiction anyway....
and how does a poor jurisdiction bring investment and business?

Cypus made laws to attract money and businessmen
that turned a rock in the water into a thriving economy.

This man and possibly many others probably worked their  A$$ off to save over 100k only to have it
stolen.

Meanwhile, facebook pays no taxes since they're based in bermuda!  yeah right!   Blatant Evasion!

EU is performing middle class robbery.  The only group of people that post a threat to the EU.
Business people that are smart and can think.  

It's even more criminal to take a functioning bushinesses working capital or that of any man's savings even if there was tax incentives to be there.   The Cyprus/EU bait and switch?
If this is what the world has come to run for the hills.

They had to leave the accounts with 100k or less alone to keep the rioters off the streets.
Since 100k and less account holders are the majority of people.  
The business folk losing tons will not be out in mass rioting like the smaller account holders would have been.

...and if this is an example of what most small to medium size businesses are facing Cyprus is TOAST!

What profitable business that did have over 100k in their bank account is going to want to stick around.
(unless you want to help rebuild with a bitcoin based biz an economy)  
and what business is going to save over 100k or any money in backs again in Cyprus.

Warning to the rest of the world.
Get you money out of banks

The only other way to fight back at this point is to leave the country and ideally for a non-euro jurisdiction.
I would not stick around.

[Nesetalis]

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.

u little comunist turd  f ur momy u natzi

Your well rounded and balanced argument has truly enlightened me, please, post more of this astute commentary!

[solex]

Last famous words, from: http://www.zerohedge.com/news/2013-03-29/oooops

Zeroday, surely there is a pending class action lawsuit which you could join, to get funds unblocked, for a Cypriot District Court? Cyprus did not change its law when agreeing the EU terms, so the law courts should take seriously a complaint asserting rights protected by A1P1.
The Government Office letter supports the complaint that illegal activity has taken place.

[farlack]

I'm assuming you will get 700k in bank shares

Yaaay free toilet paper?

Or they can sell the shares?

[conspirosphere.tk]

What profitable business that did have over 100k in their bank account is going to want to stick around.
(unless you want to help rebuild with a bitcoin based biz an economy)  

If this does not wake the fak up the europeons, nothing will. We'll see next week with the money flow in BTC.

[f4tal1ty]

http://s12.postimg.org/yt2wefvot/popularbank2.png

You are now on ZeroHedge:
http://www.zerohedge.com/news/2013-03-29/caught-cyprus-crossfire-small-businesses-suddenly-zero-cash

A german economy newspaper published this story also

http://deutsche-wirtschafts-nachrichten.de/2013/03/30/ruiniert-wenn-die-eu-ueber-nacht-das-firmen-konto-pluendert/


Bitcoin is all over the german news atm anyway.

[zeroday]

Last famous words, from: http://www.zerohedge.com/news/2013-03-29/oooops

Zeroday, surely there is a pending class action lawsuit which you could join, to get funds unblocked, for a Cypriot District Court? Cyprus did not change its law when agreeing the EU terms, so the law courts should take seriously a complaint asserting rights protected by A1P1.
The Government Office letter supports the complaint that illegal activity has taken place.

My lawyer is already working on it. As soon as I get any results, I'll publish it here.

[MikeH]

This is why we have so many guns here in America... especially those "assault rifles:. I promise if this happens in the United State their will be a civil war and a lot of dead bankers...

Private gun ownership in Cyprus is 36.42 firearms per 100 people, not as many as the US but you would expect that if what you say is true - there would be at least a few dead bankers.

[myrkul]

This is why we have so many guns here in America... especially those "assault rifles:. I promise if this happens in the United State their will be a civil war and a lot of dead bankers...

Private gun ownership in Cyprus is 36.42 firearms per 100 people, not as many as the US but you would expect that if what you say is true - there would be at least a few dead bankers.

Most of the guns left with the money - and the Russian mobsters that owned both.

[befuddled]

zeroday or anyone: when they say "300 euro withdraw limit", umm.. businesses have to make payroll, obviously. So if that applies to them, no one is getting a paycheck anymore. So... does it not apply to businesses, or is no one getting a paycheck?

[zeroday]

zeroday or anyone: when they say "300 euro withdraw limit", umm.. businesses have to make payroll, obviously. So if that applies to them, no one is getting a paycheck anymore. So... does it not apply to businesses, or is no one getting a paycheck?

it is now allowed to make bank transfers within country so it's not a problem to make payrolls to employee's bank account.
But there is a problem getting cash more than 300eur per day.

The worst thing is, that many companies do not have money for payrolls. Most of the money were just frozen.

[f4tal1ty]

Business accounts are affected by the haircut too (80%, getting 20% back in 5-7 years), only private means up to €100.000 will be untouched.
This is just terrible and really breaks down the economy, the Turkish neighbours on the cyprus island may be gloatingly with their Turkish Lira, but without any people having money, they dont have any customers either.

The mainstream media states there was no bankrun, but yesterday 800.000 cyprus people withdrawn almost 360 million Euros, with current capital traffic controls it is hard to get money out of the country, but I guess a lot of money left the country even before the banks closed.

The recent bank robbery in cyprus is only the blueprint for the new way of dealing with bankrupt states and banks in the EU, I guess next will be Luxembourg.

ECB Governing Council member Klaas Knot backs Dijsselbloem comments on bank rescues