4 ms·

Maybe in theory. In practice everything will be protected, without amount limit, otherwise trust would collapse. The germans made this official in the 2007 cri

Maybe in theory. In practice everything will be protected, without amount limit, otherwise trust would collapse. The germans made this official in the 2007 crisis by declaring that all bank accounts are guaranteed by state, with a 1 billion euro limit.

orangepurple 5y ago
https://bitcointalk.org/index.php?topic=160292 https://bitcointalk.org/index.php?topic=160292 My bank account's got robbed by European Commission. Over 700k is lost. The most of circulating assets on our business Current Account are blocked. Over 700k of expropriated money will be used to repay country's debt. Probably we will get back about 20% of this amount in 6-7 years. I'm not Russian oligarch, but just European medium size IT business. Thousands of other companies around Cyprus have the same situation. The business is definitely ruined, all Cypriot workers to be fired. We are moving to small Caribbean country where authorities have more respect to people's assets. Also we are thinking about using Bitcoin to pay wages and for payments between our partners. Special thanks to: - Jeroen Dijsselbloem - Angela Merkel - Manuel Barroso - the rest of officials of "European Comission" P.S. The worst thing is, that even a month ago I was suspecting that things can go wrong. In February, I several times called my banker and lawyer and asked them if money on the account is safe, mentioning that article in Financial Times. But they convinced me that there is no reason to worry, and even if country goes default, in no way current accounts may be affected. "This is European Union and banks here can't just grab your money and go" I was told. I got a hard lesson and now I know the meaning of phrase "TRUST NO ONE". (...) The stealing of my money is now finalized. Yesterday I looked at my Laiki account and found that frozen amount is not more shown on my balance. 100% of frozen funds is now appears as outgoing transaction to nobody with comment "DECREE". Also there are some news from lawyers. Quote The Supreme Court has not announced its decision yet. It examines preliminary objections raised by the Attorney on a basis that the Law and the Order are political acts of the state (like decision to start war) and therefore cannot be examined or controlled by the Supreme Court and that the matter in issue should be considered as a private and not a public law matter. Also, there is recent translation of the "Capital Controls imposing DECREE" [ 2013-07-10 10:49:23 PM Update ] "Blocked Funds" amount has finally disappeared from our Laiki account. Bank told me it's "waived" (their interpretation of word "stolen"). We won't receive any bank shares as compensation for confiscated amount since the bank is liquidated. The rest of the money (100k EUR) are still subject to Capital Control and we can only transfer 5K monthly. Today I had a conversation with a manager from Laiki Bank. He has been honest and confirmed that we may forget about anything over 100K as it's already spent to pay country's debts. Also, I was warned that the financial situation in the country is getting worse and worse and we should be ready to lose even part of insured (under 100K) money during this year (this is why they keep capital control enforced). By the way, this style of "bank restructuring" is going to be adopted in the whole European Union. Soon, everyone's uninsured money (over 100K EUR) in EU banks will be at risk of seizure.
- rutthenut 5y ago
  Wow, that's a very sad and scary tale! Is this from around 2013, or more recent?
- razius 5y ago
  There is a new bail-in clause added at EU level. https://www.investopedia.com/terms/b/bailin.asp https://www.investopedia.com/terms/b/bailin.asp
deleted 5y ago
[deleted]

orangepurple 5y ago

https://bitcointalk.org/index.php?topic=160292 https://bitcointalk.org/index.php?topic=160292 My bank account's got robbed by European Commission. Over 700k is lost. The most of circulating assets on our business Current Account are blocked. Over 700k of expropriated money will be used to repay country's debt. Probably we will get back about 20% of this amount in 6-7 years. I'm not Russian oligarch, but just European medium size IT business. Thousands of other companies around Cyprus have the same situation. The business is definitely ruined, all Cypriot workers to be fired. We are moving to small Caribbean country where authorities have more respect to people's assets. Also we are thinking about using Bitcoin to pay wages and for payments between our partners. Special thanks to: - Jeroen Dijsselbloem - Angela Merkel - Manuel Barroso - the rest of officials of "European Comission" P.S. The worst thing is, that even a month ago I was suspecting that things can go wrong. In February, I several times called my banker and lawyer and asked them if money on the account is safe, mentioning that article in Financial Times. But they convinced me that there is no reason to worry, and even if country goes default, in no way current accounts may be affected. "This is European Union and banks here can't just grab your money and go" I was told. I got a hard lesson and now I know the meaning of phrase "TRUST NO ONE". (...) The stealing of my money is now finalized. Yesterday I looked at my Laiki account and found that frozen amount is not more shown on my balance. 100% of frozen funds is now appears as outgoing transaction to nobody with comment "DECREE". Also there are some news from lawyers. Quote The Supreme Court has not announced its decision yet. It examines preliminary objections raised by the Attorney on a basis that the Law and the Order are political acts of the state (like decision to start war) and therefore cannot be examined or controlled by the Supreme Court and that the matter in issue should be considered as a private and not a public law matter. Also, there is recent translation of the "Capital Controls imposing DECREE" [ 2013-07-10 10:49:23 PM Update ] "Blocked Funds" amount has finally disappeared from our Laiki account. Bank told me it's "waived" (their interpretation of word "stolen"). We won't receive any bank shares as compensation for confiscated amount since the bank is liquidated. The rest of the money (100k EUR) are still subject to Capital Control and we can only transfer 5K monthly. Today I had a conversation with a manager from Laiki Bank. He has been honest and confirmed that we may forget about anything over 100K as it's already spent to pay country's debts. Also, I was warned that the financial situation in the country is getting worse and worse and we should be ready to lose even part of insured (under 100K) money during this year (this is why they keep capital control enforced). By the way, this style of "bank restructuring" is going to be adopted in the whole European Union. Soon, everyone's uninsured money (over 100K EUR) in EU banks will be at risk of seizure.

rutthenut 5y ago
Wow, that's a very sad and scary tale! Is this from around 2013, or more recent?
razius 5y ago
There is a new bail-in clause added at EU level. https://www.investopedia.com/terms/b/bailin.asp https://www.investopedia.com/terms/b/bailin.asp

deleted 5y ago

[deleted]