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

[vampire]

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.

Banks are insolvent. This is a bailout for banks.

If you take a look at the screenshot, $129k is available what their FDIC protects (100k EUR). Everything else is gone/lock/pending sale of the banks.

Most likely that Cyprus would go bankrupt trying to pay out $129,000 of insured deposits.

[xtral]

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.

It´s the same.

The banks have ruin the country.

Must we pay for any bank-ruin?

Close the bank is the best way.

[conspirosphere.tk]

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

yes, the OP was a fool to have a business which requires a substantial bank account. Much smarter to stay in the parents' basement.

[xtral]

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

The problem is not the EU.
The problem is that lots of cheap money is in the world.

[zeroday]

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.

They (EU) raised over 2 billions by killing my bank. 2 billions to cover country's debt, not bank's debt!
Under-100K accounts are compensated by money taken from over-100k accounts! It comes that I gave them their 100k, not European Comission!

[johnyj]

Don't take it too serious, it is just a game of numbers, while numbers can be Euro, USD, JPY, BTC ... Now you know that some games do not benefit you as much as other game

[myrkul]

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.

Banks are insolvent. This is a bailout for banks.

If you take a look at the screenshot, $129k is available what their FDIC protects (100k EUR). Everything else is gone/lock/pending sale of the banks.

Would that it were so simple. No, the money is going to cover the country's debts, to the EU. Cyprus is hosed, rest of Eurozone to follow.

http://www.youtube.com/watch?v=thSTpGnWEAs

[Akka]

They raised over 2 billions by killing my bank. 2 billions to cover country's debt, not bank's debt!
Under-100K accounts are compensated by money taken from over-100k accounts! It comes that I gave them their 100k, not European Comission!

No, there is no money. Your Money is gone. That's the starting point. 0 money in the bank.

Now the European Commission steps in and pays everyone some of the money they had in their accounts.

All under 100K everything and all over 100k only a little.

That's still outrageous. But the European Commission isn't taking you money. Your money is already gone.

Gambled away by the Bank.

[xtral]

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.

They (EU) raised over 2 billions by killing my bank. 2 billions to cover country's debt, not bank's debt!
Under-100K accounts are compensated by money taken from over-100k accounts! It comes that I gave them their 100k, not European Comission!

If the European Comissio  say they would be no money then you would get nothing.

The money come from the other european countrys.

[vampire]

Would that it were so simple. No, the money is going to cover the country's debts, to the EU. Cyprus is hosed, rest of Eurozone to follow.

http://www.youtube.com/watch?v=thSTpGnWEAs

In this specific case we are talking about the banks. The government debt is a separate issue.

The EU countries are fucked because they can't devaluate their currency. That's how you reduce your debt to nothing :-)

[zeroday]

No, there is no money. Your Money is gone. That's the starting point. 0 money in the bank.

Now the European Commission steps in and pays everyone some of the money they had in their accounts.

So, it's a kind of magic to get over 2 billions EURO from the bank with 0 money.
Oh, forgive me, European Commision, I was so blind not to see divine miracle made by you! Amen!

[wachtwoord]

Would that it were so simple. No, the money is going to cover the country's debts, to the EU. Cyprus is hosed, rest of Eurozone to follow.

http://www.youtube.com/watch?v=thSTpGnWEAs

In this specific case we are talking about the banks. The government debt is a separate issue.

The EU countries are fucked because they can't devaluate their currency. That's how you reduce your debt to nothing :-)

They can and have, just not individually (anymore, Ireland has in the beginning of the crisis). They've printed trillions last year.

[xtral]

The EU countries are fucked because they can't devaluate their currency

When they do that, than you loos the money too.

[xtral]

So, it's a kind of magic to get over 2 billions EURO from the bank with 0 money

It´s not a magic. The Cypriote banks bought Greek bonds are now worthless

[myrkul]

In this specific case we are talking about the banks. The government debt is a separate issue.

Hmmm.... No:

Eurozone leaders and the IMF on Saturday announced an unprecedented levy on all deposits in Cypriot banks as the sting in the tail of a 10-billion-euro bailout for the near-bankrupt government in Nicosia.

Top ECB official Joerg Assmussen said the only way to drive down what was originally requested as a 17-billion-euro rescue was to claw back money from the Cypriot banking sector, which is estimated to hold assets worth five times the country's economic output.

Cyprus was in debt up to it's eyeballs, asked the ECB for money, and they said, "Sure, but we gotta get some of it from those bank accounts you guys have been sheltering."

The EU countries are fucked because they can't devaluate their currency. That's how you reduce your debt to nothing :-)

Oh they can, they just can't devalue their individual currencies, and pay off the debts with the magic new money.

Cyprus is just the first domino. If you have any money in any EU bank, get it the fuck out now.

Maybe buy Bitcoin.

[marcus_of_augustus]

You just got robbed, call the cops.

[myrkul]

You just got robbed, call the cops.

Cops are in on it, sadly.

[johnyj]

They raised over 2 billions by killing my bank. 2 billions to cover country's debt, not bank's debt!
Under-100K accounts are compensated by money taken from over-100k accounts! It comes that I gave them their 100k, not European Comission!

No, there is no money. Your Money is gone. That's the starting point. 0 money in the bank.

Technically this is close to truth, as soon as you put the money into a bank, at least 80% of them is gone, due to fractional reserve banking

[Razick]

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

The problem is not the EU.
The problem is that lots of cheap money is in the world.

True, but a retroactive tax on current assets is wrong, regardless of the cause. Speaking of that, cheap money has the same effect.

[zxyzxy]

i guess.. thats what you get for trying to avoid taxes.