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

[knarzo]

Isn't slovenia up for a bailin next?

Coming friday they will publish the final results of the stress-test slovenian banks went through lately. We'll see how the slovenian majority will react. Either they will get "help" from the EU or they have to pay the banks themself.

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[darkmule]

The idea to rob the bank account originated in Cyprus. I don't get it why the OP is blaming the European Commission.

They only felt immediate pressure because the EU was making demands on them to do something.

[marcus_of_augustus]

The idea to rob the bank account originated in Cyprus. I don't get it why the OP is blaming the European Commission.

This is incorrect ... you are tryiing to revision the history. A Dutchman from the EU was the first to officially announce the bail-in as I recall it ... and a special EU board came out with the news shamefacedly not long after.

[knarzo]

The idea to rob the bank account originated in Cyprus. I don't get it why the OP is blaming the European Commission.

This is incorrect ... you are tryiing to revision the history. A Dutchman from the EU was the first to officially announce the bail-in as I recall it ... and a special EU board came out with the news shamefacedly not long after.

Coincidence that Dijsselbloem is now pushing the banking union?

[molecular]

The idea to rob the bank account originated in Cyprus. I don't get it why the OP is blaming the European Commission.

No it hasn't originated in Cyprus. It's the idea of the troika. They want (have taken some of?) the Cypriot gold, too.

[edmundedgar]

The idea to rob the bank account originated in Cyprus. I don't get it why the OP is blaming the European Commission.

No it hasn't originated in Cyprus. It's the idea of the troika. They want (have taken some of?) the Cypriot gold, too.

Well, the Cypriot preferred option was that other European countries should pay for everything, but when they declined this suggestion nobody else had any better ideas. The problem is that if you owe your depositors $100, and you only have $50, somebody's going to get screwed, and the Cypriot government was already seriously indebted itself so it couldn't borrow any more to bail out its banks.

Once that was clear the Cypriots seem to have wanted to ding everybody a little bit, as opposed to dinging the depositors in the insolvent banks a lot, but that didn't go down as well domestically as they hoped, so we ended up where we ended up.

[Sharky444]

The idea to rob the bank account originated in Cyprus. I don't get it why the OP is blaming the European Commission.

This is incorrect ... you are tryiing to revision the history. A Dutchman from the EU was the first to officially announce the bail-in as I recall it ... and a special EU board came out with the news shamefacedly not long after.

He mentioned it after the Cyprus delegation made this suggestion during the meeting before. They thought it was a good idea since 90% of the accounts were owned by the Russian mafia. They saw the 10% valid accounts as collateral damage.

[Lohoris]

He mentioned it after the Cyprus delegation made this suggestion during the meeting before. They thought it was a good idea since 90% of the accounts were owned by the Russian mafia. They saw the 10% valid accounts as collateral damage.

Then they allowed the Russian mafia to withdraw the money before the freeze... mmh...

[tinus42]

He mentioned it after the Cyprus delegation made this suggestion during the meeting before. They thought it was a good idea since 90% of the accounts were owned by the Russian mafia. They saw the 10% valid accounts as collateral damage.

Then they allowed the Russian mafia to withdraw the money before the freeze... mmh...

You don't want to mess with the Russian mafia. Unless you want to find your child's head on a pike in your front yard.

[cr1776]

The link says that the Cyprus Central Bank warned against using bitcoin.  This is Irony, it is not nearly as dangerous as what happened to depositors there, in case they forgot.  Perhaps they mean "dangerous to the central bank monopoly."

http://www.cna.org.cy/webnewsEN.asp?a=6920172fd6f140dbb55eba24d5ddef2b

Cyprus Central Bank has warned that using the virtual currency Bitcoin is dangerous.

Replying to a CNA question on the matter, the Central Bank notes that “it considers the use of any kind of virtual money as particularly dangerous, given that it is not under any regulatory system and its operation is unchecked”.

At the same time, other CNA sources say that the government feels that the virtual currency is too risky at present.

[DeboraMeeks]

This is just crazy and ridiculous,So the Cyprus government is using account owner's money to pay for debt and this is even legal? even if they make the law there should be limits.
Also according to that manager in the new update even more might be taken even the insured amount? and after that they say

Cyprus Central Bank has warned that using the virtual currency Bitcoin is dangerous.

most likely,They find bitcoins dangerous because they can't confiscate it.

[cr1776]

most likely,They find bitcoins dangerous because they can't confiscate it.

I think you hit the nail on the head there!  ;-)

[darkmule]

Cyprus Central Bank has warned that using the virtual currency Bitcoin is dangerous.

MY SIDES! 

Oh, yeah, it's much safer to keep your money in a bank where the government routinely just steals it!

[boltactionz]

most likely,They find bitcoins dangerous because they can't confiscate it.

I think you hit the nail on the head there!  ;-)

^^^ What they've said!

The government saying Bitcoin is dangerous fails to realize that Bitcoin is regulated by mathematics, not by men.  Math is found throughout nature, even WITHIN men.

Yes, there is volatility in Bitcoin.  But which is better?  The volatility of Bitcoin, or the volatility of the ever-changing politicians' will against the ordinary citizen?

[marcus_of_augustus]

dangerous to corrupt, statist politicians and robbing banksters ... otherwise quite peaceful and liberating.

[buzybit]

i think a lesson to them is to transfer more and more money to bitcoin wallets
and lets see what will be their reaction when they will have no money
(lets think , oh, they will say, lets print more money i.e. money as debt)

[film2240]

How will this affect me in the UK?If it even happens in the UK?As I'm rather concerned about losing all my money in the bank now.If it's going to happen which countries are safe from this scheme where you lose some money to pay off the national debts?I just want to find a safe place to put my money in (paid all dues so no issue of tax avoidance/evasion in my case)

[marcus_of_augustus]

How will this affect me in the UK?If it even happens in the UK?As I'm rather concerned about losing all my money in the bank now.If it's going to happen which countries are safe from this scheme where you lose some money to pay off the national debts?I just want to find a safe place to put my money in (paid all dues so no issue of tax avoidance/evasion in my case)

Basically most of the Western banking laws have just been recently changed to accommodate "bail-in" solutions instead of govt. rescues.

Read your banking fine print and you may have to go to govt. legal scholars to get the exact state of play such is the thicket that has been created. There are all kinds of considerations like secured note debt holders, unsecured notes, convertible notes, preferential debt obligations, etc, etc ... what it means is that bank depositors have now been placed at the end of a very long queue of people with their hand out when a banking collapse comes along.

Rule of thumb, as a depositor you should now view any money deposited in the bank as belonging to the bank, you do NOT have ownership, or possession, of that money any longer.

[infinitybo]

In theory, everyone who put large amounts of money in a Cypriot bank ought to have allowed for such a possibility.

[GoldSeal]

Cyprus. lol. Is this place still a legally recognized country? I though the Russians foreclosed on that shit last year.