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

[conspirosphere.tk]

I am trying to set the right perspective here.

Retrospective is too easy.
Until yesterday Cyprus banks were collecting banking awards:  http://feedproxy.google.com/~r/PrudentInvestorNewsletters/~3/NIEssTKvTn0/example-of-mania-phase-awards-received.html

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.

[wachtwoord]

I'm not Russian oligarch, but just European medium size IT business. Thousands of other companies around Cyprus have the same situation.

BTW, even if you were a rich Russian with millions more. Stealing is stealing. An eye for an eye anyone?

[Wekkel]

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?

I am trying to set the right perspective here.

Retrospective is too easy.
Until yesterday Cyprus banks were collecting banking awards:  http://feedproxy.google.com/~r/PrudentInvestorNewsletters/~3/NIEssTKvTn0/example-of-mania-phase-awards-received.html

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.

[punningclan]

Occupy everyone else's bank account! 

[zeroday]

You are not robbed by European Commission, you are robbed from your own politician and banker!!!!!

Have you read the news?
European Commission explicitly forced Cyprus government to:
1. Put levy on every bank account with balance over 100k
2. "Restructure" two largest banks in the country by splitting them into "good" and "bad" bank. Any amount over 100k automatically go to the "bad bank", in other words - to be seized and used to pay country's debts.

[wachtwoord]

The did not force them. However, if they did not, the would not get a 10B euro loan.

[Xendrios]

I'm not Russian oligarch, but just European medium size IT business. Thousands of other companies around Cyprus have the same situation.

BTW, even if you were a rich Russian with millions more. Stealing is stealing. An eye for an eye anyone?

Indeed, EU Leaders should be brought to justice. One way or another. Preferably by the masses like what happened during the french revolution. (Guillotine) Seeing European countries justice department is rendered useless because the governement made their robbery legal.

[Vernon715]

Feel free to send me the rest of it..

Seriously, that sucks.

[muyuu]

The did not force them. However, if they did not, the would not get a 10B euro loan.

Not only that.

They explicitly threatened with cutting them off any liquidity. Cyprus cannot print their own money, there would be famine within weeks if not days.

It was a massive blackmail job on a Friday night, with deadlines within a week.

[zeroday]

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?

I will never consider keeping money on current account as loaning or lending. Every current account was eligible to withdraw the whole amount in cash, until now...

[MPOE-PR]

Sucks. 

This is why we need Bitcoin.

[Mike Christ]

Taxes are a necessary evil in my opinion...

Yeah? Well slavery is a necessary evil in my opinion.

What's the difference?

^^^^

[Akka]

You are not robbed by European Commission, you are robbed from your own politician and banker!!!!!

Have you read the news?
European Commission explicitly forced Cyprus government to:
1. Put levy on every bank account with balance over 100k
2. "Restructure" two largest banks in the country by splitting them into "good" and "bad" bank. Any amount over 100k automatically go to the "bad bank", in other words - to be seized and used to pay country's debts.

The point is you account is basically not seized. There is already no money anymore to be seized, the bank is insolvent.

The European Commission pays you some of it, but not nearly all of it. Its the Bank who gambled away your money.


Sorry for your damage, though.
I can only Imagine how hard this must be and you have every right to be mad, but IMO your are mad at the wrong people, or at least there are people you should be even more mad about.

[Wekkel]

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?

I will never consider keeping money on current account as loaning or lending. Every current account was eligible to withdraw the whole amount in cash, until now...

Then I will stop bothering you. I'm afraid you got treated with the essence of fractional reserve banking and the exact nature of a current account: a loan.

What I would like to put forward is that the money was long, long gone. It wasnt the EU that took it away. The losses of the bank were already sufficient to let your money vanish more than a year ago. Talk to your banker, politician and regulatory authority, and not so much the EU.

I wish you all the best in these hard times.

[zeroday]

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?

I will never consider keeping money on current account as loaning or lending. Every current account was eligible to withdraw the whole amount in cash, until now...

Then I will stop bothering you. I'm afraid you got treated with the essence of fractional reserve banking and the exact nature of a current account: a loan. I wish you all the best.

In other words it means that everyone's assets are just loans to someone.
So, what are you waiting? Run to the bank and dump it into cash now!

[Mike Christ]

In other words it means that everyone's assets are just loans to someone.

There are so many lovely quotes in this thread.

[xtral]

You are not robbed by European Commission, you are robbed from your own politician and banker!!!!!

Have you read the news?
European Commission explicitly forced Cyprus government to:
1. Put levy on every bank account with balance over 100k
2. "Restructure" two largest banks in the country by splitting them into "good" and "bad" bank. Any amount over 100k automatically go to the "bad bank", in other words - to be seized and used to pay country's debts.

Your Bank is insolvent.  You have luck that the European Commission give you 100.000 EURO.

This money comes from our high taxes and low interest.

Blame for the insolvens have your banker and politician, not Merkel and co.

[myrkul]

You are not robbed by European Commission, you are robbed from your own politician and banker!!!!!

Have you read the news?
European Commission explicitly forced Cyprus government to:
1. Put levy on every bank account with balance over 100k
2. "Restructure" two largest banks in the country by splitting them into "good" and "bad" bank. Any amount over 100k automatically go to the "bad bank", in other words - to be seized and used to pay country's debts.

Your Bank is insolvent.  You have luck that the European Commission give you 100.000 EURO.

This money comes from our high taxes and low interest.

Blame for the insolvens have your banker and politician, not Merkel and co.

Bank not insolvent. Country insolvent. While not directly caused by Merkel, or the Eurozone in general, they kept propping it up, until finally, they ran out of props.

[Wekkel]

In other words it means that everyone's assets are just loans to someone.
So, what are you waiting? Run to the bank and dump it into cash now!

Do you think I keep a big balance in a bank account? Guess again.

[Razick]

Shame on the EU for pushing Cyprus into this. Shame on Cyprus for accepting it. This is theft.

By the way, I am an American in no way affected by this so I'm not ranting for my own loss (because there is none), it's just wrong.