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

[Sage]

That's horrible. I couldn't imagine not being able to access my money. Hope that doesn't happen in the US.

It could never happen in the USSA.  Federal Reseve banks are totally solvent... I promise!  Keep your money where its safe man.  Buy some governemnt bonds too.  They're totally backed by the US governemnt.  You could never lose.

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[myrkul]

This is all very sad, but does anyone else see the irony of "libertarians" accusing the EU of theft because its bailout of the banks that lost the money they voluntarily lent to them is too small?

Once more:
It's not the banks getting the bailout:

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 banks are being shafted in the deal, too, but I doubt anyone will lose sleep over that (myself included).

[edmundedgar]

myrkul, you're misinterpreting that article. The government is broke, but the banks are broke too. Because the government is broke, it can't afford to bailout the broke banks.

There's a decent summary here:
http://en.wikipedia.org/wiki/2012%E2%80%932013_Cypriot_financial_crisis

"The Cypriot Government was reported requesting a bailout from the European Financial Stability Facility or the European Stability Mechanism on 25 June 2012, citing difficulties in supporting its banking sector from the exposure to the Greek debt"

This is clearer if you look at the current proposal, which soaks the depositors in the dodgiest banks, rather than the previous one, which soaked everybody, even savers in the not-too-dodgy banks.

[myrkul]

myrkul, you're misinterpreting that article. The government is broke, but the banks are broke too. Because the government is broke, it can't afford to bailout the broke banks.

There's a decent summary here:
http://en.wikipedia.org/wiki/2012%E2%80%932013_Cypriot_financial_crisis

"The Cypriot Government was reported requesting a bailout from the European Financial Stability Facility or the European Stability Mechanism on 25 June 2012, citing difficulties in supporting its banking sector from the exposure to the Greek debt"

This is clearer if you look at the current proposal, which soaks the depositors in the dodgiest banks, rather than the previous one, which soaked everybody, even savers in the not-too-dodgy banks.

I stand corrected.
Regardless, taking the money from the accounts in those banks, and not, say, the trustees of those banks (who probably aren't paying a dime) is abhorrent. Especially in the case of the OP, where that is an active account, specifically his income/payroll account. He was paying the bank to keep his money for him, and they're stealing it.

[Nagan]

Sorry for your losses, that's fucked up, man.

Just be careful throwing all the blame at the EU officials. Its the fat bankers and the corrupt Cyprus government  that made this happen, Russian mobs helped too.

And now when Merkel and co has to clean up the trash they have to either pay with German peoples money (we have seen that many times before), or they have to push some painful decision to teach the country itself. Would anybody thank EU if they would just bail out silently again? I doubt so.
What's the alternative? Cyprus to become a part of Russian "union" as they cheesingly propose? Believe me you don't want that. I have nothing against Russia, just these current Putin gangsters are far more dangerous for the world than the "civilized" thieves of European aristocracy.

If you want to use guiliotine on government - please do it wisely and with constructive arguments. Don't forget that the European Union was created to prevent another devastating war and it served quite well for that purpose so far. So respect that, even if it's a time for the system to change or go away.

People should be careful with the anarchy they want as they may get it. And then you would have much have bigger problems than even Bitcoin wouldn't solve.

[crazy_rabbit]

We are moving to small Caribbean country where authorities have more respect to people's assets.

So you trusted a small tax haven island with your money. The plan failed. Your next step: trusting even smaller tax haven island with your money. Pure logic 

No, he trusted the European Union. Thats the plan that failed. The EU supposedly guaranteed that any country in the EU was a safe place to invest or save.

[crazy_rabbit]

Small Caribbean country?


Puerto Rico?!?!?!

Puerto Rico is the United States.

[edmundedgar]

No, he trusted the European Union. Thats the plan that failed. The EU supposedly guaranteed that any country in the EU was a safe place to invest or save.

Did they? I know they had a directive telling countries how much depositor insurance, but when did the EU guarantee that you wouldn't lose your shirt if you put your money in a high-interest offshore account? It would be a weird thing for the EU to guarantee, because they don't really have the money or the authority to do it.

[crazy_rabbit]

No, he trusted the European Union. Thats the plan that failed. The EU supposedly guaranteed that any country in the EU was a safe place to invest or save.

Did they? I know they had a directive telling countries how much depositor insurance, but when did the EU guarantee that you wouldn't lose your shirt if you put your money in a high-interest offshore account? It would be a weird thing for the EU to guarantee, because they don't really have the money or the authority to do it.

Good point, although in line with this: http://ec.europa.eu/internal_market/capital/framework/treaty/index_en.htm

They do seem to implicitly promise not to be the ones taking your shirt from you. It's one thing to just let the bank collapse. It's another thing to decide to save the bank and selectively take people's money.

[beekeeper]

Considering how many Russian mafia fortunes were stolen, I wonder how long it will take before EU ministers are found dead in an alley with needles in their arms; or their grandkids are taken in retribution.  Really, Russian mobsters are the last group that I'd think that a bunch of socialist leaning politicos in Brussels would want to upset.

Maybe this?
http://www.bbc.co.uk/news/world-europe-21966903

[marcus_of_augustus]

If you want to use guiliotine on government - please do it wisely and with constructive arguments. Don't forget that the European Union was created to prevent another devastating war and it served quite well for that purpose so far. So respect that, even if it's a time for the system to change or go away.

People should be careful with the anarchy they want as they may get it. And then you would have much have bigger problems than even Bitcoin wouldn't solve.

The lawlessness and anarchy is being ushered in from on top ... how can you not see that?

The criminals already firmly have the reins of power, how else is the plunder, pillage and gross misallocation of resources able to scale to such magnitudes. Every increment in the totalitarian response to financial problems is actually making the situation worse for everybody, except for themselves. The EU can no longer be looked upon as benign force for good, they are out of control and damaging peoples lives.

[bitdragon]

curious how the EU, ECB and all still have any supporters left.
And yet, they manage to be so blatant and still have souls running around saying how the ECB was there to help.

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

Must we pay for any bank-ruin?

Close the bank is the best way.

Simply amazing. I guess this is the hoped for behaviour by other Europeans the ECB strive for so this farce can continue one more round.
One can just picture the news in Germany of how they are bailing out these Mediterranean countries and on and on, and we must put a stop to this. Oblivious to what is actually going on- that our fellow Europeans are being robbed by gangsters in our own country, that we are led to put the blame on the victims and let's move on to the next.

Bless you.

[Rampion]

Considering how many Russian mafia fortunes were stolen, I wonder how long it will take before EU ministers are found dead in an alley with needles in their arms; or their grandkids are taken in retribution.  Really, Russian mobsters are the last group that I'd think that a bunch of socialist leaning politicos in Brussels would want to upset.

Socialist leaning politics in Brussels? You are speaking about Merkel and her Troika friends?

If they are socialist leaning your Ron Paul is a communist.

[justusranvier]

http://www.youtube.com/watch?v=OMAI-OIxLPo

[killerstorm]

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."

No, you're getting it wrong. See here: http://www.reddit.com/r/Bitcoin/comments/1b6v1u/my_bank_accounts_got_robbed_by_european/c946wk9

[Bro]

yeah sure, it's all the EU's and Germany's fault if the two Greek banana republics have a giant deficit

Cyprus is a sovereign country, if they chose to follow EU rules, it is their own faults, they can still switch back to their shitty currency and print more money if they want

[SomeWhere]

Dude. Thought you would like to know that the picture from your account is going viral *big* time.

A friend of mine who has no clue what Bitcoin or this forum is just posted it on Facebook. I was like "WTF?".

If you wanted attention, you sure as hell have it now. Make the best of it.

[oakpacific]

tl;dr OP paid a bank to protect his assets from theft, he is a customer, not a creditor of the said bank, the bank took his payment then steal the assets themselves.

[vampire]

tl;dr OP paid a bank to protect his assets from theft, he is a customer, not a creditor of the said bank, the bank took his payment then steal the assets themselves.

Wrong. In both cases he's a creditor.

https://en.wikipedia.org/wiki/Deposit_account

[oakpacific]

tl;dr OP paid a bank to protect his assets from theft, he is a customer, not a creditor of the said bank, the bank took his payment then steal the assets themselves.

Wrong. In both cases he's a creditor.

https://en.wikipedia.org/wiki/Deposit_account

Legally yes, and that's essentially what allows the bank to back-stab him like that. What's also ironical is that the law imposes such restrictions is called the "Capital Control Law".