BANK RUN: Andorran and Spain banks go bankrupt, state refused to aid depositors

[zeroday]

European banking collapse is going on. People are going mad getting their deposits frozen. "Cyprus" scheme is in progress again.

Banco de Madrid Files for Bankruptcy After Parent Accused of Money Laundering

Spanish Bank Seeks Creditor Protection After Withdrawals


Spain suspends reimbursement of funds managed by Banco Madrid

(Reuters) - Spain's stock market regulator
* Says has suspended reimbursement of investment funds and variable income funds (SICAVs) managed by Banco Madrid Source text for Eikon: (Reporting By Julien Toyer; Editing by Paul Day)

No state aid for Banco Madrid - Spanish Economy Secretary

(Reuters) - Banco Madrid:

* Spanish Economy Secretary Inigo Fernandez de Mesa says at event in Madrid there will be no state aid for Banco Madrid

* Says deposit guarantee fund will cover depositors

* Banco Madrid filed for bankruptcy on Monday Further company coverage: (Reporting By Jesus Aguado, Editing by Sarah White)

By the way this shit is initiated and coordinated by The US with the help of FinCEN. They are able to arrest all assets on US intermediary accounts of "suspected" foreign banks and demand billions of fines. This is how US found a way to loot any foreign bank.

Here is original document from FinCEN regarding European bank BPA http://www.fincen.gov/news_room/nr/files/BPA_NOF.pdf

British banks are also affected
US seeking $1bn from RBS and Barclays

Royal Bank of Scotland and Barclays are facing penalties of about $1bn (£662m)
each from US authorities for their alleged role in the manipulation of currency markets.

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[Stargazer]

Maybe it's already time to start playing preppers and start stacking up supplies. A military conflict in the East, bankrupt Greece and troubled Spain.The EU is in a bad shape, but it was to be expected after such a long time of relative peace.

[thejaytiesto]

European banking collapse is going on. People are going mad getting their deposits frozen. "Cyprus" scheme is in progress again.

Banco de Madrid Files for Bankruptcy After Parent Accused of Money Laundering

Spanish Bank Seeks Creditor Protection After Withdrawals


Spain suspends reimbursement of funds managed by Banco Madrid

(Reuters) - Spain's stock market regulator
* Says has suspended reimbursement of investment funds and variable income funds (SICAVs) managed by Banco Madrid Source text for Eikon: (Reporting By Julien Toyer; Editing by Paul Day)

No state aid for Banco Madrid - Spanish Economy Secretary

(Reuters) - Banco Madrid:

* Spanish Economy Secretary Inigo Fernandez de Mesa says at event in Madrid there will be no state aid for Banco Madrid

* Says deposit guarantee fund will cover depositors

* Banco Madrid filed for bankruptcy on Monday Further company coverage: (Reporting By Jesus Aguado, Editing by Sarah White)

By the way this shit is initiated and coordinated by The US with the help of FinCEN. They are able to arrest all assets on US intermediary accounts of "suspected" foreign banks and demand billions of fines. This is how US found a way to loot any foreign bank.

Here is original document from FinCEN regarding European bank BPA http://www.fincen.gov/news_room/nr/files/BPA_NOF.pdf

British banks are also affected
US seeking $1bn from RBS and Barclays

Royal Bank of Scotland and Barclays are facing penalties of about $1bn (£662m)
each from US authorities for their alleged role in the manipulation of currency markets.

Yeah I saw this yesterday. Apparently the minister of economy of Spain said "this is a rare case and is not going to spread across the rest of the spanish banks".

[NUFCrichard]

The same thing could have been said about Bear Stearns or Lehman brothers a few years ago.
The whole system is so interlinked now, as well as being based on confidence, that one bank failing could easily lead to further bank runs and bankruptcies...

[zeroday]

A little update.

Most of Andorran bank's USD assets are locked on intermediate accounts of US banks.
US banks got an order from FinCEN to freeze all assets of that bank and they have started process with the goal to confiscate all the USD they have locked.

The rest of non-USD assets is arrested by Andorra govt. So, absolutely healthy and successful bank is literally being looted now and in a few days will declare bankruptcy.
All depositors will lose the most of their money on their accounts. Now they are allowed to withdraw only 2.5K EUR per week.

The sector's assets under management are 17 times the size of the local economy and S&P has said
the central government would not be able to provide enough financial support to BPA if it was required.

This is the new strategy of the US. They use FinCEN to claim any foreign financial institution "suspicious" and arrest its USD assets held on US bank's intermediary account. In the near future many liberal banks will be looted the same way.

[Meuh6879]

1) shutdown personals taxes
2) switch to transaction taxes
3) problem solved

Gov. is the only fault in the history of the world ...

[aso118]

Maybe it's already time to start playing preppers and start stacking up supplies. A military conflict in the East, bankrupt Greece and troubled Spain.The EU is in a bad shape, but it was to be expected after such a long time of relative peace.

Thankfully, the cause of the trouble in this case is money laundering allegations, and not fundamentals of the industry going bad. So this bank run/collapse could be restricted to just one bank.

[zeroday]

Thankfully, the cause of the trouble in this case is money laundering allegations, and not fundamentals of the industry going bad. So this bank run/collapse could be restricted to just one bank.

What is money laundering ? It's the same thing as witchery in the age of inquisition - just an excuse for robbing people.
"Terrorism threat" just replaced black magic as fear used to control crowd.

The US just found a way to easily rob foreign banks by accusing them in "money laundering" and confiscating money held in US correspondent accounts. US Dollar became weapon of mass control, and since all banks in the world use USD, they are under tight control from the US.

[miguelmorales85]

some venezuelans personalities are involved in the Andorra bank. They were presumed to be laundering money from PDVSA (the main source of $ to the country)

[zeroday]

some venezuelans personalities are involved in the Andorra bank. They were presumed to be laundering money from PDVSA (the main source of $ to the country)

So, a few venezuelian, chinese and russian guys caused the confiscation of all assets of the bank that serves tens of thousands regular people. There is little chances they get they money back. The same has happened last summer with another Cypriot bank FBME. The same will continue happening with more and more banks in nearest future.

[Ron~Popeil]

The people that really get hurt in all this are the account holders. The banks will get their bailouts and the governments will get to print more money due to the manufactured crisis. Meanwhile average people lose their hard earned money. Rinse, repeat, ad nauseum.

[deisik]

A little update.

Most of Andorran bank's USD assets are locked on intermediate accounts of US banks.
US banks got an order from FinCEN to freeze all assets of that bank and they have started process with the goal to confiscate all the USD they have locked.

The rest of non-USD assets is arrested by Andorra govt. So, absolutely healthy and successful bank is literally being looted now and in a few days will declare bankruptcy.
All depositors will lose the most of their money on their accounts. Now they are allowed to withdraw only 2.5K EUR per week.

This had to be expected. Russia and China are now establishing an economic alliance based on direct trade between them and settlement of accounts in their national currencies, no longer in the US dollars. So the US is precipitously losing ground under their feet and pretty much running out of time. They simply cannot but loot those who are the weakest among the rich, trying (though ultimately in vain) to retain their world domination, and buy some time for themselves. Europe is the best candidate for looting out there...

[cr1776]

Thankfully, the cause of the trouble in this case is money laundering allegations, and not fundamentals of the industry going bad. So this bank run/collapse could be restricted to just one bank.

What is money laundering ? It's the same thing as witchery in the age of inquisition - just an excuse for robbing people.
"Terrorism threat" just replaced black magic as fear used to control crowd.

The US just found a way to easily rob foreign banks by accusing them in "money laundering" and confiscating money held in US correspondent accounts. US Dollar became weapon of mass control, and since all banks in the world use USD, they are under tight control from the US.

The statist athoritarians will you any excuse to consolidate their power - as I know you know. The U.S. turned from a nation of a government of limited, enumerated powers to one of limited, enumerated liberties over the last century by selling its people on the concept of something for nothing-ism which the statists used to grab power.

[countryfree]

The point to remember here is this isn't a Spanish bank, nor a French bank. It's a bank from one of the world's tiniest country, Andorra. The bank has asked for protection, OK, but since technically the bank isn't Spanish, the Spanish government has no obligation, nor any moral duty to reply.

Things would be much different if the failed bank would truly Spanish.

[zeroday]

The point to remember here is this isn't a Spanish bank, nor a French bank. It's a bank from one of the world's tiniest country, Andorra. The bank has asked for protection, OK, but since technically the bank isn't Spanish, the Spanish government has no obligation, nor any moral duty to reply.

Things would be much different if the failed bank would truly Spanish.

Banco Madrid is Spanish bank.
In the summer 2014 the same way was looted Cypriot bank FBME that is also European bank.

[BillyBobZorton]

some venezuelans personalities are involved in the Andorra bank. They were presumed to be laundering money from PDVSA (the main source of $ to the country)

So, a few venezuelian, chinese and russian guys caused the confiscation of all assets of the bank that serves tens of thousands regular people. There is little chances they get they money back. The same has happened last summer with another Cypriot bank FBME. The same will continue happening with more and more banks in nearest future.

Yeah, all the normal people got fucked thanks to a group of mafia bastards. So are you saying they could lose their money? I dont think they can afford that, these people are going to be really pissed off.

[scott btc]

we have never completely been able to escape the banks. That was before bitcoin. Now we have the solution. Bitcoin

[manwithat]

Maybe it's already time to start playing preppers and start stacking up supplies. A military conflict in the East, bankrupt Greece and troubled Spain.The EU is in a bad shape, but it was to be expected after such a long time of relative peace.

Sorry, but I am a spaniard, and Spain is a great country. I suggest you visit Spain (our culture, beaches, etc). And don't worry, you won't need "stack up supplies", you can buy good and healthy food here.

[stonerider]

^^^^^^^
I love Spain and its people, they're great to visit. Growing up, my hero was El Cid, my favorite book was For Whom The Bell Tolls, and my favorite city was Madrid, Spain.

Viva La Espana!

PS: I'm not Spanish, not even remotely close.

[tmfp]

Maybe it's already time to start playing preppers and start stacking up supplies. A military conflict in the East, bankrupt Greece and troubled Spain.The EU is in a bad shape, but it was to be expected after such a long time of relative peace.

Sorry, but I am a spaniard, and Spain is a great country. I suggest you visit Spain (our culture, beaches, etc). And don't worry, you won't need "stack up supplies", you can buy good and healthy food here.

You misunderstand the point amigo, "preppers" stock up in the belief that society is about to collapse and Spain, great though you may think it is, is just as vulnerable as anywhere to collapse, especially as the Euro unravels.
 
I have visited Spain many times, I will be in Cadiz on Sunday and find your culture, beaches and your good and healthy food etc. very agreeable.
I have also dealt with your banking system, police and bureaucracy and find them to be corrupt, self serving remnants of fascism that would  not hesitate to oppress Spanish citizens to maintain their positions of power.