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

[BobbyJo]

Only works in a smoking population (such as Jail).  The percentage of smokers has been steadily decreasing in western countries, so they wont hold as much value as 60 years ago!  Perhaps tubs of Hummus is a better bet!!!!

[bernard75]

Perhaps tubs of Hummus is a better bet!!!!

True, or Xanax, Ritalin and Viagra.

[Fabrizio89]

Did they start giving you back some of the money?

[Lohoris]

In Belgium cash payments above 3000 euro's are already forbidden.

In Spain is worse, you can pay only up to 2,500€

In Italy the limit is 1000€, do I win something?

(hint: you can't pay with cash, but obviously you can use credit cards, checks, etc.)

PS: the 300€ limit was just a half-assed proposal, it didn't even get voted AFAIK.

I dont live in Italy so my informations may be inaccurate, but i believe the unbelievable 50€ was "half-assed":

"Current considerations of Bersani government".
There's never been a Bersani government.
AFAIK he proposed such a thing somewhere in past, but it was dropped.
Just thin air.

[Lohoris]

Did they start giving you back some of the money?

What suggested you they would?

[cr1776]

Check out this thread talking about US bank Chase sending letters to customers limiting international (US -> the world) wire transfers. 

Reminds me of what happened in Cyprus and although not specifically related to OP, thought it would be of interest.

https://bitcointalk.org/index.php?topic=312550.0

[peonminer]

OP, just a thought, but could you make a 'purchase' from a friend for the rest of your account balance??? This would debit your funds to your friend's account, then have them move the funds to your holdings and maybe give them a fee. If this is illegal in any way I apologise and do not recommend it. I am unfamiliar with the new 'EU Let's steal our people's money' Law.

[wachtwoord]

OP, just a thought, but could you make a 'purchase' from a friend for the rest of your account balance??? This would debit your funds to your friend's account, then have them move the funds to your holdings and maybe give them a fee. If this is illegal in any way I apologise and do not recommend it. I am unfamiliar with the new 'EU Let's steal our people's money' Law.

I'm also unfamiliar with that law. It seems its classified. Maybe I should call the NSA

[boltactionz]

OP, just a thought, but could you make a 'purchase' from a friend for the rest of your account balance??? This would debit your funds to your friend's account, then have them move the funds to your holdings and maybe give them a fee. If this is illegal in any way I apologise and do not recommend it. I am unfamiliar with the new 'EU Let's steal our people's money' Law.

I'm also unfamiliar with that law. It seems its classified. Maybe I should call the NSA

Sorry for going off-topic.

But maybe you can just fake being with NSA and it would work out.

http://washingtonexaminer.com/spy-shy-mugger-thwarted-by-nsa-intern-on-capitol-hill/article/2537252

[RationalSpeculator]

Agreed that the banking system in general is not safe. Some banks however take on much more risk than others. If you had done your homework better you could have selected a bank with a much lower risk profile for your business account. And you could also have diversified between several banks on top. Sure more energy, more inconvenience, but lower risk was achievable for you too.  

Eventhough I still think you are using the word robbery incorrectly, I understand your anger towards banks and politicians, and it's justified in my opinion. I think you also made a rational and wise decision to switch to bitcoin. You do inspire me.

You probably didn't read April news. This was exact robbery. My bank, which was the second largest bank in the country, was forced by European Commission to be sacrificed and many billions of customer's money were seized to repay country's debt.

I think you are reversing things here. From what I've read, the Laiki bank invested a lot of money in greek debt, which defaulted. The money of the bank was not confiscated to pay a country's debt. The money was invested in some country's debt. Big difference that is. So what are the exact facts here?

This was not regular bankruptcy process, but a perverted form of robbery. In case of normal bankruptcy I would get the most of my money back because current accounts are the first in the queue of getting money from liquidated bank, and only after that shareholders and bond holders receive the remaining. But in this perverted scenario regular current account holders lost everything above insured 100k.

I have never heard that current accounts are the first to be payed back in bankruptcy.

Indeed stock holders lose first, then bond holders, both of which happened, and then saving account holders, all of them, except for the 'government guarantee' of €100.000 per client. It looks to me that the bankruptcy law was correctly applied. (though I'm not an expert in bankruptcy law)

I do find it odd that all money was lost above €100.000 per client. That means the bank lost likely 50-80% of their investments which seems very high. Normally after liquidating all assets, the shortage should be around 25% or something, like it was in the collapsed DSB bank in the Netherlands. So you might be right that the government just stole assets from the bank and thus you.

Do you have any proof or articles that show that capital was robbed from the bank by the government?

[Behemot]

I think you are reversing things here. From what I've read, the Laiki bank invested a lot of money in greek debt, which defaulted. The money of the bank was not confiscated to pay a country's debt. The money was invested in some country's debt. Big difference that is. So what are the exact facts here?

Investment, haha. Are you just naive or stupid? Western-type governments will never pay their debts, it's impossible. The money are just gone.

Laiki invested after many talks about solidarity and how the investmnet is completely safe. Top ESU politicans already knew Greece will partialy default so it was a fraud to bring down Cypruss money system, which was - as a partially tax-free zone - pain in the ass for Merkel & Co.

According to new law which was silently applid in ESU, there was a thread about it here, next time, client's money will be the first to pay off bank's debt. I am somewhat suspicious even the 100k insurance will somewhat not be applied.

[zeroday]

I have never heard that current accounts are the first to be payed back in bankruptcy.

Indeed stock holders lose first, then bond holders, both of which happened, and then saving account holders, all of them, except for the 'government guarantee' of €100.000 per client. It looks to me that the bankruptcy law was correctly applied. (though I'm not an expert in bankruptcy law)

I do find it odd that all money was lost above €100.000 per client. That means the bank lost likely 50-80% of their investments which seems very high. Normally after liquidating all assets, the shortage should be around 25% or something, like it was in the collapsed DSB bank in the Netherlands. So you might be right that the government just stole assets from the bank and thus you.

Do you have any proof or articles that show that capital was robbed from the bank by the government?

You got the point. It's not normal when 100% of deposited money were lost (exempt "insured" 100k).
That happened because the bank was restructured in perverted way, as insisted by European Comission.
They (EU) decided to pillage so called "Russian oligarchs' stash" and use it to pay country's debt. Laiki Bank capitals seizure was one of the main points int the ultimatum from EU to Cyprus.

For more details read this and this

21/03/2013
The European Central Bank warned Cyprus Thursday that it has four days to raise €5.6 billion to avoid bankruptcy - or risk losing bailout funds. The government ruled out the unpopular levy on bank funds during Thursday's Plan B talks.

21/03/2013 7:44PM GMT
Laiki restructuring 'trims €2.3bn' off cost of Plan B
The deputy leader of the ruling Democratic Rally, or DISY, party has told reporters that the decision to 'restructure' Laiki will cut €2.3bn from Cyprus's contribution to its own bailout.

[tinus42]

You got the point. It's not normal when 100% of deposited money were lost (exempt "insured" 100k).
That happened because the bank was restructured in perverted way, as insisted by European Comission.
They (EU) decided to pillage so called "Russian oligarchs' stash" and use it to pay country's debt. Laiki Bank capitals seizure was one of the main points int the ultimatum from EU to Cyprus.

Yes and wasn't it ironic that the Russian oligarch's money as well as the President of Cyprus' cronies money was the only money that was saved.

I guess the eurocrats were too scared of finding their favourite racing horse's head in their bed. Or worse...

[wachtwoord]

You got the point. It's not normal when 100% of deposited money were lost (exempt "insured" 100k).

It's theft. I hope you will someday be in the position to be able to take back what is yours, but I doubt it

[RationalSpeculator]

I have never heard that current accounts are the first to be payed back in bankruptcy.

Indeed stock holders lose first, then bond holders, both of which happened, and then saving account holders, all of them, except for the 'government guarantee' of €100.000 per client. It looks to me that the bankruptcy law was correctly applied. (though I'm not an expert in bankruptcy law)

I do find it odd that all money was lost above €100.000 per client. That means the bank lost likely 50-80% of their investments which seems very high. Normally after liquidating all assets, the shortage should be around 25% or something, like it was in the collapsed DSB bank in the Netherlands. So you might be right that the government just stole assets from the bank and thus you.

Do you have any proof or articles that show that capital was robbed from the bank by the government?

You got the point. It's not normal when 100% of deposited money were lost (exempt "insured" 100k).
That happened because the bank was restructured in perverted way, as insisted by European Comission.
They (EU) decided to pillage so called "Russian oligarchs' stash" and use it to pay country's debt. Laiki Bank capitals seizure was one of the main points int the ultimatum from EU to Cyprus.

For more details read this and this

21/03/2013
The European Central Bank warned Cyprus Thursday that it has four days to raise €5.6 billion to avoid bankruptcy - or risk losing bailout funds. The government ruled out the unpopular levy on bank funds during Thursday's Plan B talks.

21/03/2013 7:44PM GMT
Laiki restructuring 'trims €2.3bn' off cost of Plan B
The deputy leader of the ruling Democratic Rally, or DISY, party has told reporters that the decision to 'restructure' Laiki will cut €2.3bn from Cyprus's contribution to its own bailout.

You are right, this is robbery.

I'm really sorry.

The question I do still have is who stole it, your government or the european commission?

From what I see it's your own government that confiscated the bank's assets.

And it also went into reducing your governments debt.

So why blame the european central bank or european commission?

[wachtwoord]

I have never heard that current accounts are the first to be payed back in bankruptcy.

Indeed stock holders lose first, then bond holders, both of which happened, and then saving account holders, all of them, except for the 'government guarantee' of €100.000 per client. It looks to me that the bankruptcy law was correctly applied. (though I'm not an expert in bankruptcy law)

I do find it odd that all money was lost above €100.000 per client. That means the bank lost likely 50-80% of their investments which seems very high. Normally after liquidating all assets, the shortage should be around 25% or something, like it was in the collapsed DSB bank in the Netherlands. So you might be right that the government just stole assets from the bank and thus you.

Do you have any proof or articles that show that capital was robbed from the bank by the government?

You got the point. It's not normal when 100% of deposited money were lost (exempt "insured" 100k).
That happened because the bank was restructured in perverted way, as insisted by European Comission.
They (EU) decided to pillage so called "Russian oligarchs' stash" and use it to pay country's debt. Laiki Bank capitals seizure was one of the main points int the ultimatum from EU to Cyprus.

For more details read this and this

21/03/2013
The European Central Bank warned Cyprus Thursday that it has four days to raise €5.6 billion to avoid bankruptcy - or risk losing bailout funds. The government ruled out the unpopular levy on bank funds during Thursday's Plan B talks.

21/03/2013 7:44PM GMT
Laiki restructuring 'trims €2.3bn' off cost of Plan B
The deputy leader of the ruling Democratic Rally, or DISY, party has told reporters that the decision to 'restructure' Laiki will cut €2.3bn from Cyprus's contribution to its own bailout.

You are right, this is robbery.

I'm really sorry.

The question I do still have is who stole it, your government or the european commission?

From what I see it's your own government that confiscated the bank's assets.

And it also went into reducing your governments debt.

So why blame the european central bank or european commission?

They're all to blame ... (in varying degrees)

[zeroday]

Why to blame EU? They created a blueprint of Laiki's "restructuring" plan and then forced Cyprus government to follow it under the threat of default and leaving eurozone.

[imrer]

I hope another message like this will occur soon. It would send BTC to the sky.

[Dusty]

Why to blame EU? They created a blueprint of Laiki's "restructuring" plan and then forced Cyprus government to follow it under the threat of default and leaving eurozone.

But it was the government that in the first place decided to take part to the EU. And it was always the bad choice of the politicians to come to that point due to a series of bad choices in the management of the country.

So in the end, in my opinion, the fault is all on the government: they were not forced to enter the EU, also they could have been the first nation to use a 100% gold backed currency, but the didn't.

But of course, as usual, in the end it's the people that pay government faults.

[cr1776]

I think there is a lot of blame to go around here from the EU to the banks to the government of Cyprus to the governments of many the P.I.G.S.  The thing is that if you blame the government, then you should also be blaming the people who elected the government on the premise of the "something for nothing" mentality.  As I think history has shown as long as you leave power in the hands of the authoritarian, power-hungry people, the little guy (and many big guys) will end up getting screwed eventually.  And obviously unless you have strong limits on the powers of government (and often even when you do have those limits they will be ignored) you only need to convince a slight majority of the voters of the idea that they are going to get something for "free" if they elect person X, and then eventually all will be lost. 

The "I want to live at the expense of someone else" mentality is rampant the world over and only leads to tears, blood, and death if left to run its course.

:-)

Why to blame EU? They created a blueprint of Laiki's "restructuring" plan and then forced Cyprus government to follow it under the threat of default and leaving eurozone.

But it was the government that in the first place decided to take part to the EU. And it was always the bad choice of the politicians to come to that point due to a series of bad choices in the management of the country.

So in the end, in my opinion, the fault is all on the government: they were not forced to enter the EU, also they could have been the first nation to use a 100% gold backed currency, but the didn't.

But of course, as usual, in the end it's the people that pay government faults.