I have news from a law company who are now working on class action lawsuit filed by the depositors of Laiki Popular Bank and The Bank of Cyprus.
At this moment they are gathering information from affected account holders with over 100k EUR amounts and looking for legal grounds to appeal the seizure of funds.
Our attorney assumes that, with the current situation, it is most likely that the depositors of Laiki Bank will eventually lose 100% of any amount over 100K EUR.
Although legal research is not yet finished, lawyers suspect that the whole situation with bailout is contrary to the constitution of Cyprus and the European Declaration of Human Rights.
We have already had precedents where local Cypriot lawyers backed by influential business figures have already won some small victories.
I'm asking everyone, who has affected account in Laiki Bank or The Bank Of Cyprus, to contact me regarding participation in the class action by sending me private message.
Topic: My bank account's got robbed by European Commission. Over 700k is lost. - page 59. (Read 408494 times)
April 02, 2013, 12:30:00 PM
April 02, 2013, 08:37:11 AM
Wonder who the IT sys admin guys for these banks are? How does they feel about plundering a vast portion of their countrymen by changing a few settings in a database?
An IT sys admin or programmer does not make the change, it is performed at the executive level via a GUI interface. Banks are instructed by the central bank that their systems must be able to support "xyz" feature, meaning that the functionality needed to freeze customers funds has long been programmed in to the banks systems.
April 01, 2013, 08:56:20 PM
For those who were shrieking that Cyprus has been properly punished by for "tax avoidance" and "money laundering", just read this:
Germany, a safe haven for money laundering
Looks like they have just disposed of the competitor.
How ironic...
Germany, a safe haven for money laundering
Looks like they have just disposed of the competitor.
How ironic...
April 01, 2013, 08:34:45 PM
It is kind of amazing with today's technology someone can just twiddle a few flags on a database and suddenly tens of thousands of people are much, much poorer. This is essentialy the only difference between the situation now and before the crisis blew up, that and few guys in suits going into a courthouse to "make it officially legal".
Wonder who the IT sys admin guys for these banks are? How does they feel about plundering a vast portion of their countrymen by changing a few settings in a database?
Wonder if they have bitcoins?
Wonder who the IT sys admin guys for these banks are? How does they feel about plundering a vast portion of their countrymen by changing a few settings in a database?
Wonder if they have bitcoins?
April 01, 2013, 07:14:05 PM
Deja Vu (I'm from Argentina)
April 01, 2013, 07:08:07 PM
I don't get it.
Why are people blaming the victim?
If he'd been punched in the face walking down a street after he'd asked the police and residents of said street if it were safe to do so, is that his fault? Victim blaming is a bit bizarre.
No doubt if he'd been raped it would have been his fault for wearing sexy jeans and jumper.
Personally, I think it's the bankers fault.
Also, Cyprus didn't have to accept the deal so secondary blame lies with the politicians (especially the ones who coincidentally expatriated their own money before this policy came into effect).
If I offer you help and it comes with conditions you don't like, you shouldn't take the deal.
Someone somewhere assessed that the deal was better than the alternative.
If you've got beef, you should take it up with them as they're you're representatives and they made the deal on your behalf.
Why are people blaming the victim?
If he'd been punched in the face walking down a street after he'd asked the police and residents of said street if it were safe to do so, is that his fault? Victim blaming is a bit bizarre.
No doubt if he'd been raped it would have been his fault for wearing sexy jeans and jumper.
Personally, I think it's the bankers fault.
Also, Cyprus didn't have to accept the deal so secondary blame lies with the politicians (especially the ones who coincidentally expatriated their own money before this policy came into effect).
If I offer you help and it comes with conditions you don't like, you shouldn't take the deal.
Someone somewhere assessed that the deal was better than the alternative.
If you've got beef, you should take it up with them as they're you're representatives and they made the deal on your behalf.
April 01, 2013, 06:59:16 PM
Has there been any violent out breaks? Shootings? Car bombs etc?
Cyprus Bank Bombed – Anger Brewing 
April 01, 2013, 06:53:06 PM
Has there been any violent out breaks? Shootings? Car bombs etc?
April 01, 2013, 06:29:55 PM
Quote
Deposits under €100,000 in Laiki will be transferred to the BoC. All deposits belonging to credit institutions, insurance companies, the government and other public bodies such as local authorities and municipal councils will also be carried over to the BoC. The same applies for charity foundations, schools and educational bodies and deposits belonging to the country’s main bank card transaction agency, JCC Payment Systems Ltd. Depositors who move from Laiki to the BoC are not part of the haircut.
The deposits that will not be transferred to the BoC will be part of a bad bank that will undergo resolution, i.e. an orderly wind down. Although the money will be there nominally, depositors will not have access to their money for an indefinite amount of time. As the bad bank slowly starts tidying up its account books cash would start going into the accounts, but the depositors could lose a substantial part of their savings if the bad bank fails to fully recoup all of its bad assets, as expected by analysts.
Source: cyprus-mail.comThe deposits that will not be transferred to the BoC will be part of a bad bank that will undergo resolution, i.e. an orderly wind down. Although the money will be there nominally, depositors will not have access to their money for an indefinite amount of time. As the bad bank slowly starts tidying up its account books cash would start going into the accounts, but the depositors could lose a substantial part of their savings if the bad bank fails to fully recoup all of its bad assets, as expected by analysts.
Now we have untouchables whose accounts in Laiki Bank are not affected. This means that money expropriated from regular business, current and savings accounts will sponsor all other "tax exempt" accounts.
Nice, just the information I was looking for. I've been wondering what would have been the outcome for schools and hospitals for an example. Ok. All hell has been broken loose on lawfulness and justice anyways.
April 01, 2013, 06:22:19 PM
Quote
Deposits under €100,000 in Laiki will be transferred to the BoC. All deposits belonging to credit institutions, insurance companies, the government and other public bodies such as local authorities and municipal councils will also be carried over to the BoC. The same applies for charity foundations, schools and educational bodies and deposits belonging to the country’s main bank card transaction agency, JCC Payment Systems Ltd. Depositors who move from Laiki to the BoC are not part of the haircut.
The deposits that will not be transferred to the BoC will be part of a bad bank that will undergo resolution, i.e. an orderly wind down. Although the money will be there nominally, depositors will not have access to their money for an indefinite amount of time. As the bad bank slowly starts tidying up its account books cash would start going into the accounts, but the depositors could lose a substantial part of their savings if the bad bank fails to fully recoup all of its bad assets, as expected by analysts.
Source: cyprus-mail.comThe deposits that will not be transferred to the BoC will be part of a bad bank that will undergo resolution, i.e. an orderly wind down. Although the money will be there nominally, depositors will not have access to their money for an indefinite amount of time. As the bad bank slowly starts tidying up its account books cash would start going into the accounts, but the depositors could lose a substantial part of their savings if the bad bank fails to fully recoup all of its bad assets, as expected by analysts.
Now we have untouchables whose accounts in Laiki Bank are not affected. This means that money expropriated from regular business, current and savings accounts will sponsor all other "tax exempt" accounts.
April 01, 2013, 06:18:25 PM
Quote
Deposits under €100,000 in Laiki will be transferred to the BoC. All deposits belonging to credit institutions, insurance companies, the government and other public bodies such as local authorities and municipal councils will also be carried over to the BoC. The same applies for charity foundations, schools and educational bodies and deposits belonging to the country’s main bank card transaction agency, JCC Payment Systems Ltd. Depositors who move from Laiki to the BoC are not part of the haircut.
The deposits that will not be transferred to the BoC will be part of a bad bank that will undergo resolution, i.e. an orderly wind down. Although the money will be there nominally, depositors will not have access to their money for an indefinite amount of time. As the bad bank slowly starts tidying up its account books cash would start going into the accounts, but the depositors could lose a substantial part of their savings if the bad bank fails to fully recoup all of its bad assets, as expected by analysts.
Source: cyprus-mail.comThe deposits that will not be transferred to the BoC will be part of a bad bank that will undergo resolution, i.e. an orderly wind down. Although the money will be there nominally, depositors will not have access to their money for an indefinite amount of time. As the bad bank slowly starts tidying up its account books cash would start going into the accounts, but the depositors could lose a substantial part of their savings if the bad bank fails to fully recoup all of its bad assets, as expected by analysts.
Now we have untouchables whose accounts in Laiki Bank are not affected. This means that money expropriated from regular business, current and savings accounts will sponsor all other "tax exempt" accounts.
April 01, 2013, 03:25:47 PM
Small Caribbean country?
Puerto Rico?!?!?!
Puerto Rico?!?!?!
Puerto Rico is the United States.
We're in the Caribbean too you know.
April 01, 2013, 03:09:10 PM
Small Caribbean country?
Puerto Rico?!?!?!
Puerto Rico?!?!?!
Puerto Rico is the United States.
We're in the Caribbean too you know.
April 01, 2013, 01:55:52 PM
Quote
This populist take on punishing only large depositors for a bank’s reckless behavior doesn’t change its larger implications. The next time global investors lose confidence in the bonds of, say, Italy or Spain, those countries’ banks will quickly face waves of withdrawals by their large depositors. That would almost certainly sink those banks and quite possibly trigger broader bank runs. So, ironically, the new policy could help bring on the kind of far-reaching financial crisis which the bailouts were designed to head off.
SOURCE 
April 01, 2013, 01:46:33 PM
One of my clients who is a financial expert (Stockbroker, Analyst, Blogger/Reporter), is currently writing a very lengthy article, a few snippets which add to this situation that I found useful.
There is loopholes to get money out. Wither it works for you now, or at all, I don't know.
But there is evidence it is occurring simply because the blockade was not done in full, get it out indirectly it appears and you can get to it.
So about 10,000 very successful people are about to get screwed if they can't get their money out.
Trust me, they intend to get what they need, so if you can find a way, take it out, or you risk losing more than expected, as this becomes more known.
Quote
Let's look first at what actually transpired. Cypriot banks held deposits of roughly €68 billion, four times the size of the total national GDP, while the total size of the banks was roughly eight times GDP. The "Troika" seemed to feel that Cyprus needed €17 billion in bailout money to be able to handle the crisis.
Quote
There are (were) 370,000 bank accounts, with 360,000 of those containing fewer than 100,000 euros (per Dennis Gartman)... "only" €5.8 billion is needed for the bailout, so the 10,000 or so accounts holding more than €100,000 will be docked an average of €580,000.
Quote
Basel III standards require European banks to increase their deposit ratios. This European response to Cyprus is going to make that harder for banks in smaller European countries to accomplish. Very tiny Luxembourg has banking assets 13 times the country's GDP. Yes, I know that Luxembourg's banks are the very epitome of solid banking and that the majority of those assets are loans to central banks and other credit institutions, but there is no way on God's green earth that Luxembourg as a country could even begin to think about backing its banks.
Quote
Looked at another way, the three big French banks have combined footings of about $6 trillion compared to France's GDP of $2.2 trillion. So the Big Three French banks are 3X their dirigisme-ridden GDP... By contrast, the top three U.S. banks which are no paragon of financial virtue - JPM, BAC, and C - have combined footings of $6 trillion or 40% of GDP. The French equivalent of that number would be $45 trillion for the U.S. banks. Can you say train wreck!
Quote
It is only a matter of time before these French and other European banks, which are stuffed with sovereign debt backed by no capital due to the zero risk weighting of the Basel lunacy, topple into the abyss of the shadow banking system where they have funded their elephantine balance sheets. And that includes Germany, too. The German banks are as bad or worse than the French. Did you know that Deutsche Bank is levered 60:1 on a TCE/assets basis, and that its Basel "risk-weighted" assets are only $450 billion, but actual balance sheet assets are $3 trillion? In other words, due to the Basel standards, which count sovereign and other AAA assets as risk free, DB has $2.5 trillion of assets with zero capital backing!
Quote
...the law of unintended consequences is at work: the eurocrats will end up with exactly the opposite of the financial system they wanted. Either that, or the European banks will end up having to be nationalized in great numbers. These two possible outcomes seem to be the logical consequence of the EU's very unfriendly financial sector policies.
Quote
No one knows exactly how much money has left Cyprus' banks, or where it has gone. The two banks at the centre of the crisis - Cyprus Popular Bank, also known as Laiki, and Bank of Cyprus - have units in London which remained open throughout the week and placed no limits on withdrawals. Bank of Cyprus also owns 80 percent of Russia's Uniastrum Bank, which put no restrictions on withdrawals in Russia. Russians were among Cypriot banks' largest depositors.
There is loopholes to get money out. Wither it works for you now, or at all, I don't know.
But there is evidence it is occurring simply because the blockade was not done in full, get it out indirectly it appears and you can get to it.
So about 10,000 very successful people are about to get screwed if they can't get their money out.
Trust me, they intend to get what they need, so if you can find a way, take it out, or you risk losing more than expected, as this becomes more known.
April 01, 2013, 01:34:40 PM
Come on guys, nothing new under the sun
Now it's Europe getting assraped by IMF & friends, as they assraped Latin America not so long ago.
And they will keep going until a few big time bankers + a few of their politician sockpuppets are hanged to a tree in front of their burning houses.
Now it's Europe getting assraped by IMF & friends, as they assraped Latin America not so long ago.
And they will keep going until a few big time bankers + a few of their politician sockpuppets are hanged to a tree in front of their burning houses.
April 01, 2013, 12:48:39 PM
The business was running, the bank account number appeared in many contracts. Payments were scheduled for several months in advance. It was impossible to move to another bank or country without stopping the business.
April 01, 2013, 12:41:31 PM
-not reading the 14 pages of discussion-
Its your own fault. It was forseeable (here in europe) that this would come some day. Adolf Merkel was ensuring this way too often.
So instead of hoarding your money in that forsaken place, which was known to be bankrupt for how long? 3mo+? I think some cypriot friends of mine were mentioning this already like half a year ago, you could have moved your money to any other bank in the whole world.
Also you wont loose all the blocked money, you will loose some percentage of that.. thinking about it - how much did you gain from interest in the past years?
Also, dont blame all the European idea.. you might have only lost 6.6% a few weeks ago, but whose government did vote against that solution? It was not the european parliament..
Its your own fault. It was forseeable (here in europe) that this would come some day. Adolf Merkel was ensuring this way too often.
So instead of hoarding your money in that forsaken place, which was known to be bankrupt for how long? 3mo+? I think some cypriot friends of mine were mentioning this already like half a year ago, you could have moved your money to any other bank in the whole world.
Also you wont loose all the blocked money, you will loose some percentage of that.. thinking about it - how much did you gain from interest in the past years?
Also, dont blame all the European idea.. you might have only lost 6.6% a few weeks ago, but whose government did vote against that solution? It was not the european parliament..
Read the thread. It was a current account for a business (so the money was needed in liquid form) and he received no interest but paid for the account.
April 01, 2013, 12:34:07 PM
-not reading the 14 pages of discussion-
Its your own fault. It was forseeable (here in europe) that this would come some day. Adolf Merkel was ensuring this way too often.
So instead of hoarding your money in that forsaken place, which was known to be bankrupt for how long? 3mo+? I think some cypriot friends of mine were mentioning this already like half a year ago, you could have moved your money to any other bank in the whole world.
Also you wont loose all the blocked money, you will loose some percentage of that.. thinking about it - how much did you gain from interest in the past years?
Also, dont blame all the European idea.. you might have only lost 6.6% a few weeks ago, but whose government did vote against that solution? It was not the european parliament..
Its your own fault. It was forseeable (here in europe) that this would come some day. Adolf Merkel was ensuring this way too often.
So instead of hoarding your money in that forsaken place, which was known to be bankrupt for how long? 3mo+? I think some cypriot friends of mine were mentioning this already like half a year ago, you could have moved your money to any other bank in the whole world.
Also you wont loose all the blocked money, you will loose some percentage of that.. thinking about it - how much did you gain from interest in the past years?
Also, dont blame all the European idea.. you might have only lost 6.6% a few weeks ago, but whose government did vote against that solution? It was not the european parliament..
April 01, 2013, 12:13:51 PM
I'm sorry to hear about the OP but I agree with some of the other posts in this thread: Blame Cyprus, not the EU.
How much other countries "bail-ining" their banks will you have to blame in the future ? Few countries are safe, if any.
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