'I went to sleep Friday as a rich man. I woke up a poor man'

[silvermario]

Another sad story from Cyprus:

''Very bad, very, very bad,'' says 65-year-old John Demetriou, rubbing tears from his lined face with thick fingers. ''I lost all my money.''

John now lives in the picturesque fishing village of Liopetri on Cyprus' south coast. But for 35 years he lived at Bondi Junction and worked days, nights and weekends in Sydney markets selling jewellery and imitation jewellery.

He had left Cyprus in the early 1970s at the height of its war with Turkey, taking his wife and young children to safety in Australia. He built a life from nothing and, gradually, a substantial nest egg. He retired to Cyprus in 2007 with about $1 million, his life savings.

Read more: http://www.smh.com.au/national/i-went-to-sleep-friday-as-a-rich-man-i-woke-up-a-poor-man-20130328-2gxab.html

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Absolutely disgusting. Nothing more to say.

[myrkul]

You know, if a corporation were to make such bad investments, after the shareholders (NOT the customers) had lost their shirts, they'd just fold the company and make a new one.

Time for Cyprus to do the same?

[malevolent]

Absolutely disgusting.

[lukasbradley]

I really, REALLY want to believe these stories are simply not true... or they are being blown out of proportion.

I really, REALLY hope that is the case.

[CurbsideProphet]

You know, if a corporation were to make such bad investments, after the shareholders (NOT the customers) had lost their shirts, they'd just fold the company and make a new one.

Time for Cyprus to do the same?

The EU guarantees too much of Cyrpus' debt for them to default.  It's a tiny country but unlike Iceland, if they default the ripples will go a lot further.  It will happen in time, if not them then one of the PIIGS but the troika will do everything in their power to stop it.

[zeroday]

Last week he heard a rumour that the bank was in trouble and went into Aiya Napa to ask his bank manager - a friend - if he should move his life savings.
''There's no problem, nothing to worry about,'' he was told.

Few weeks ago, my banker in "Laiki Bank" told me the same. And now I lost 700K on my business account.

[silvermario]

Last week he heard a rumour that the bank was in trouble and went into Aiya Napa to ask his bank manager - a friend - if he should move his life savings.
''There's no problem, nothing to worry about,'' he was told.

Few weeks ago, my banker in "Laiki Bank" told me the same. And now I lost 700K on my business account.

I've read your story before and I'm very sorry for your loss.

Can you still operate your business or you have no other option than go insolvent?

[myrkul]

Last week he heard a rumour that the bank was in trouble and went into Aiya Napa to ask his bank manager - a friend - if he should move his life savings.
''There's no problem, nothing to worry about,'' he was told.

Few weeks ago, my banker in "Laiki Bank" told me the same. And now I lost 700K on my business account.

I've read your story before and I'm very sorry for your loss.

Can you still operate your business or you have no other option than go insolvent?

From what I've gathered, business yes, employees no. He's pulling up stakes and relocating to friendlier climes.

[zeroday]

As I told before, I've sold part of my Bitcoins, which I luckily bought in the beginning of 2012, and now I'm trying to reanimate our business in another country.
All payrolls are already paid, but all employees in Cyprus now have to look for a new job. Sorry.