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

[myrkul]

I've just found this comment on falkvinge.net and I think this is excellent explanation about what is now happening to Laiki Bank and why this situation is unfair and unconstitutional.

According to the “resolution measures” (the rules they just made up to give special treatment to some creditors – exactly what bankruptcy law was created to safeguard against), customers who borrowed money from Laiki Bank and have no significant deposits there will simply be moved to Bank of Cyprus without having to pay back the money before originally planned.

http://www.centralbank.gov.cy/nqcontent.cfm?a_id=12631

Remember that loans are assets on the balance sheet of a bank. This is how they make money. By making up an arbitrary rule that the assets are to be moved out of the bad bank, the losses to savers and businesses like this company will be significantly bigger than if Laiki Bank had gone through an ordinary bankruptcy.

I don't get it. Which creditors are getting special treatment with this deal?

That's a few posts - possibly even pages, at this point - back. Mostly people who would be tax-exempt in the US: schools, churches, etc. But they also exempt government offices, and IIRC, politicians. To say nothing of the people who got their money out "by accident."

[infested999]

Laiki Bank branch in UK was functioning during "bank holidays" and most of rich clients flew to the London and cashed their deposits.
Most of Bank of Cyprus largest deposits were transferred out of country just a day before banks closure.

Read this interesting article about how politicians hide their money in offshore: Secret Files Expose Offshore’s Global Impact

Do you know what will happen to your money now? I'm guessing they take 10% of the "Available Funds" and your "Blocked Funds" gets converted to stocks.

[myrkul]

Laiki Bank branch in UK was functioning during "bank holidays" and most of rich clients flew to the London and cashed their deposits.
Most of Bank of Cyprus largest deposits were transferred out of country just a day before banks closure.

Read this interesting article about how politicians hide their money in offshore: Secret Files Expose Offshore’s Global Impact

Do you know what will happen to your money now? I'm guessing they take 10% of the "Available Funds" and your "Blocked Funds" gets converted to stocks.

More likely they turn 10% of the blocked funds into stocks, and take the rest.

[dave111223]

Solution...take out the largest loans you can muster from any banks that will take you.

Bung all the money into Bitcoins and disappear (Thailand is particularly nice).

Give them a call and tell them they might be expected to take a haircut.

[muyuu]

Solution...take out the largest loans you can muster from any banks that will take you.

Bung all the money into Bitcoins and disappear (Thailand is particularly nice).

Give them a call and tell them they might be expected to take a haircut.

Nobody is giving loans in Cyprus without collateral, I would assume. Although I wouldn't put something past these guys.

[mai77]

Max Keiser told you so years ahead.

like to Peter Schiff, no one listens. 

[Kazu]

Its amazing how insensitive some people on here are. I lose a couple of bucks due to MtGox dying and I get mad, and that was unintentional. Multiply that by like 10,000 and you get the amount that was stolen from the OP. Yes, maybe he trusted a few people he shouldn't have, but that doesn't somehow make those people that stole from him any less blameworthy.

Never in my life have I seen something so utterly and blatantly unjust.

[marcus_of_augustus]

Wonder who the IT sys admin guys for these banks are? How does they feel about plundering a vast portion of their countrymen by changing a few settings in a database?

An IT sys admin or programmer does not make the change, it is performed at the executive level via a GUI interface.    Banks are instructed by the central bank that their systems must be able to support "xyz" feature, meaning that the functionality needed to freeze customers funds has long been programmed in to the banks systems.

I wonder if you could go after them using one of these draconian dragnet "illegal use of a computer" type laws then?

Someone punched those buttons that made thousands of people billions of dollars poorer, i.e. plundered them. Isn't that a criminal act in itself just hitting those buttons?

[myrkul]

Wonder who the IT sys admin guys for these banks are? How does they feel about plundering a vast portion of their countrymen by changing a few settings in a database?

An IT sys admin or programmer does not make the change, it is performed at the executive level via a GUI interface.    Banks are instructed by the central bank that their systems must be able to support "xyz" feature, meaning that the functionality needed to freeze customers funds has long been programmed in to the banks systems.

I wonder if you could go after them using one of these draconian dragnet "illegal use of a computer" type laws then?

Someone punched those buttons that made thousands of people billions of dollars poorer, i.e. plundered them. Isn't that a criminal act in itself just hitting those buttons?

No more than the soldier pulling the trigger on a drone control is murder, at least in the eyes of the state. Yes, the bank manager robbed those people. Yes, the kid pulling the trigger is murdering people, possibly innocent civilians. No, there's not a chance of winning a case in the government courts against either.

[Jobe7]

No, there's not a chance of winning a case in the government courts against either.

That.

Also, here's this for some extra reading for all - http://www.bbc.co.uk/news/world-europe-22041122

[mai77]

I mean, what do you expect?

€urope is boycotting Iran due to pressure by jews.

in a system where jews have that much of a say, losing to that system only 700k you should feel lucky.

[myrkul]

I mean, what do you expect?

€urope is boycotting Iran due to pressure by jews.

in a system where jews have that much of a say, losing to that system only 700k you should feel lucky.

Yay more antisemitism!

Can we please stop lumping people together by things other than their actions?

[mai77]

well most jews want to kill Iran, that would be their action indeed

[Kazu]

I mean, what do you expect?

€urope is boycotting Iran due to pressure by jews.

in a system where jews have that much of a say, losing to that system only 700k you should feel lucky.

Yay more antisemitism!

Can we please stop lumping people together by things other than their actions?

This.

Just because some Jewish leaders want to boycott Iran doesn't mean that all Jews do, in the same way that the people in power in Europe are acting like absolute idiots but that doesn't mean all Europeans are.

[myrkul]

well most jews want to kill Iran, that would be their action indeed

And yet you lump in the ones who don't want to destroy Iran, and ignore all the Gentiles who also want to destroy Iran, by saying "The Jews want."

[justusranvier]

Speaking of agent provocateur trolls, is there a Greasemonkey script that can cause posts by ignored users to be hidden completely, not even showing the placeholders?

[kuusj98]

Goddamn, thats alot of money, I heard about the bank thing in several country's, I live in the Netherlands, we also have a problem with one bank, and we get almost no interest (if thats how you say it?).

Not that I know much about such things as I am only 15 years old, but this must be THE shittest thing that anyone could do to someone :/

I hope you can keep running your company...

[mai77]

well most jews want to kill Iran, that would be their action indeed

And yet you lump in the ones who don't want to destroy Iran, and ignore all the Gentiles who also want to destroy Iran, by saying "The Jews want."

I said "most jews" which is what the polls indicate, dude

[myrkul]

well most jews want to kill Iran, that would be their action indeed

And yet you lump in the ones who don't want to destroy Iran, and ignore all the Gentiles who also want to destroy Iran, by saying "The Jews want."

I said "most jews" which is what the polls indicate, dude

€urope is boycotting Iran due to pressure by jews.

[mai77]

OK, so you are a statistics buff.