Bulgarian banking system under attack

[gondel]

Hi,
Everything is stabilized today
I was to Fibank for my business account and checked verything is ok. No waiting on long tales anymore Please calm down
BR

[1715127170]

1715127170

[1715127170]

1715127170

[1715127170]

1715127170

[Justine]

Hi,
Everything is stabilized today
I was to Fibank for my business account and checked verything is ok. No waiting on long tales anymore Please calm down
BR

Buy extra food and supply just in case.

[lyth0s]

Hi,
Everything is stabilized today
I was to Fibank for my business account and checked verything is ok. No waiting on long tales anymore Please calm down
BR

Buy extra food and supply just in case.

That is actually a great point. I'd suggest stocking up on WATER and canned food, everyone always forgets water (and you'll die from dehydration before starvation). You'd be surprised how much water/canned food even $40 USD can get you. Oh and make sure you neighbors don't see you stocking up on supplies

[meanig]

Hi,
Everything is stabilized today
I was to Fibank for my business account and checked verything is ok. No waiting on long tales anymore Please calm down
BR

Everything is okay until you ask to cash in your Fibank IOUs.

[DannyElfman]

The authorities in Brussels also tried to calm savers' worries, having seen the queues that built up outside branches of two major Bulgarian banks in recent days.

It insisted that Bulgaria's banking system was:

"well capitalised and has high levels of liquidity compared to its peers in other member states. For precautionary reasons, Bulgaria has taken this measure to further increase the liquidity and safeguard its financial system".

That statement is an outright lie. Authorities lie, because they can't do much else to stop the bank run. If only a fraction of the population demands their savings handed over, banks will collapse.

This should be taken very serious. Of course the World Cup comes in handy to distract the general public in Europe...

It's not really an outright lie. "high levels of liquidity compared to its peers" and "increase the liquidity" does not necessarily mean, that all available cash covers all demand deposits. You can have a look at the publicly available data of the Bulgarian central bank to see that all available cash does NOT cover all demand deposits.

Well in this case I don't want to know how bad the situation of those peers is... this could spread to other countries fast.

Gold and Bitcoin both jumping today. Coincidence?

bulggaria is not as high profile or a big (economy) of a country as greece is/was

It is small until someone find out it owed Germany or UK a lot of money.

Do they owe europe a lot of money? The amount should be measured in terms of percentage of the German/UK economy, not the bulgaria economy.

[GangkisKhan]

Do they owe europe a lot of money? The amount should be measured in terms of percentage of the German/UK economy, not the bulgaria economy.

Modern finance is a lot like alchemy. Web upon web of debt and single failure causing the whole system to crumple.

[Carlton Banks]

Do they owe europe a lot of money?

They do now 

[smoothie]

hurry, the first 100 people get their money...     ... and maybe they will print as much as everyone wants but its worthless paper in the end.

man....its sad but this will happen all over the world in the next years and not many people know this.  

This is coming to a bank near everyone someday.

At first there will be delays and hopefully they will be able to get printed cash to fill the demand for deposits of their customers.

Get ready everyone.

[SunBin]

hurry, the first 100 people get their money...     ... and maybe they will print as much as everyone wants but its worthless paper in the end.

man....its sad but this will happen all over the world in the next years and not many people know this.  

This is coming to a bank near everyone someday.

At first there will be delays and hopefully they will be able to get printed cash to fill the demand for deposits of their customers.

Get ready everyone.

Wouldn't happen to country with high reserve requirement and sound lending practice.

[InwardContour]

hurry, the first 100 people get their money...     ... and maybe they will print as much as everyone wants but its worthless paper in the end.

man....its sad but this will happen all over the world in the next years and not many people know this.  

This is coming to a bank near everyone someday.

At first there will be delays and hopefully they will be able to get printed cash to fill the demand for deposits of their customers.

Get ready everyone.

Wouldn't happen to country with high reserve requirement and sound lending practice.

If credit is too tight in the form of banks needing to keep too much in reserve and too strict lending standards then they would be unprofitable and would eventually fail as they could not make enough from the loans that they make.

[ShakyhandsBTCer]

hurry, the first 100 people get their money...     ... and maybe they will print as much as everyone wants but its worthless paper in the end.

man....its sad but this will happen all over the world in the next years and not many people know this.  

This is coming to a bank near everyone someday.

At first there will be delays and hopefully they will be able to get printed cash to fill the demand for deposits of their customers.

Get ready everyone.

Wouldn't happen to country with high reserve requirement and sound lending practice.

If lending is too tight then people would not be able to get loans which is almost as bad as an outright financial crisis.

[tmobileguy]

Hi,
Everything is stabilized today
I was to Fibank for my business account and checked verything is ok. No waiting on long tales anymore Please calm down
BR

Buy extra food and supply just in case.

That is actually a great point. I'd suggest stocking up on WATER and canned food, everyone always forgets water (and you'll die from dehydration before starvation). You'd be surprised how much water/canned food even $40 USD can get you. Oh and make sure you neighbors don't see you stocking up on supplies

Or do like me, forget buying the water....just live on a fresh water lake and buy a kit to convert the water to potable water...unlimited supply and no worries of dehydration...

[sukamasoto]

Well in this case I don't want to know how bad the situation of those peers is... this could spread to other countries fast.

Gold and Bitcoin both jumping today. Coincidence?

Banking is a confidence game. A panic doesn't necessarily follow logic.

natural that they panic because their money was there
seems to be more cautious in choosing a bank to save our money

[Erdogan]

hurry, the first 100 people get their money...     ... and maybe they will print as much as everyone wants but its worthless paper in the end.

man....its sad but this will happen all over the world in the next years and not many people know this.  

This is coming to a bank near everyone someday.

At first there will be delays and hopefully they will be able to get printed cash to fill the demand for deposits of their customers.

Get ready everyone.

And the excuse will always be a technical glitc on a friday. Technical glitces will come and be resolved at first, that is to condition people to think that it is just the way of life. Most people will be taken by surprise. That is the point.

[tmobileguy]

This is coming to a bank near everyone someday.

At first there will be delays and hopefully they will be able to get printed cash to fill the demand for deposits of their customers.

Get ready everyone.

Not likely to happen in the US with FDIC insuring peoples accounts...The government would just print the money and cover the shortages....Whether its the bank creating money or the government creating money it doesn't matter, they are all intertwined and in cahoots with each other to keep their 'fractional reserve' banking scam alive and kicking...

[Erdogan]

So what is the situation on the ground in Bulgaria - does anyone know?

[DavidHume]

This is coming to a bank near everyone someday.

At first there will be delays and hopefully they will be able to get printed cash to fill the demand for deposits of their customers.

Get ready everyone.

Not likely to happen in the US with FDIC insuring peoples accounts...The government would just print the money and cover the shortages....Whether its the bank creating money or the government creating money it doesn't matter, they are all intertwined and in cahoots with each other to keep their 'fractional reserve' banking scam alive and kicking...

FDIC doesn't have enough fund to cover more  than 3-4 international banks going bust in the same year. If you are talking about Fed bailing out FDIC also, then yes, the bail out can be artificially any amount until the creditor nations stop accepting USD for balance of payment.

[Erdogan]

This is coming to a bank near everyone someday.

At first there will be delays and hopefully they will be able to get printed cash to fill the demand for deposits of their customers.

Get ready everyone.

Not likely to happen in the US with FDIC insuring peoples accounts...The government would just print the money and cover the shortages....Whether its the bank creating money or the government creating money it doesn't matter, they are all intertwined and in cahoots with each other to keep their 'fractional reserve' banking scam alive and kicking...

The FDIC has 50 billion dollars - probably in the form of bank deposits. It's a joke. The implicit guarantee from the government is what you have to rely on.

[Carlton Banks]

hurry, the first 100 people get their money...     ... and maybe they will print as much as everyone wants but its worthless paper in the end.

man....its sad but this will happen all over the world in the next years and not many people know this.  

This is coming to a bank near everyone someday.

At first there will be delays and hopefully they will be able to get printed cash to fill the demand for deposits of their customers.

Get ready everyone.

And the excuse will always be a technical glitc on a friday. Technical glitces will come and be resolved at first, that is to condition people to think that it is just the way of life. Most people will be taken by surprise. That is the point.

Already happening IMO. Certain ATMs are frequently broken. ATMs that used to be bank branded are now unbranded. Disappointed people are heard to say "This one's always breaking down", as if the machine is somehow having a bad day. Sometime soon, I'm expecting to hear the muttering change to "This one never works now, they should turn it off ". It's like that part in "don't be a menace to south central while drinking juice in the hood" where the mailman pops up saying "message!". No-one's getting the message though.

[InwardContour]

This is coming to a bank near everyone someday.

At first there will be delays and hopefully they will be able to get printed cash to fill the demand for deposits of their customers.

Get ready everyone.

Not likely to happen in the US with FDIC insuring peoples accounts...The government would just print the money and cover the shortages....Whether its the bank creating money or the government creating money it doesn't matter, they are all intertwined and in cahoots with each other to keep their 'fractional reserve' banking scam alive and kicking...

The FDIC has 50 billion dollars - probably in the form of bank deposits. It's a joke. The implicit guarantee from the government is what you have to rely on.

The FDIC does not need more then that much. Many banks have failed over the past several years and the FDIC was able to make deposit-holders whole. Most banks that fail are very small with only a few billion in deposits at most.