- Nobody can remove more than 300 Euros a day from their account.
- Nobody can take more than €1,000 off the island in cash.
- 80% of deposits over €85K is gone! 37.5% of it has been converted into probably worthless shares of the bank's stock. And 40% will be repaid to you only if the bank “does well”in the future, while 22.5% will go into a contingency fund that could be subject to further write-offs.
“Neil Hodgson, 48, who moved to Paphos, on the southwest coast of the island, six years ago, said he has lost nearly £200,000. The former farmer, who has two accounts with the Bank of Cyprus added:Surprising (?) Rise of a Non-Banking Payment Ecosystem: BitCoin‘I had more than £300,000 in my deposit account and £20,000 in my current account. When I went to the bank the other day I was told the total balance for both is £100,000.’
They were unable to explain how this had been worked out, but indicated I might get some back at a later stage. I checked online and confirmed that the 20,000 in my current account remains, but that I only have £80,000 in my savings account. It's robbery, plain and simple.’”
~ Quoted by Dan Atkinson and Ian Gallagher in
‘It’s Robbery!’ New Cyprus bombshell as Britons are told they may lose EVERYTHING over £85k
Even before the banking bailout in Cypress (why are they going after customers and not shareholders and bond holders?),
our private Pioneers’ discussion list had been buzzing with postings
about Bitcoin since October, 2011. At first, it seemed like an
interesting “techie” phenomenon—an anonymous secure way to transfer and
exchange digital currency (which can be converted into national
currencies) in a peer-to-peer network that is distributed, does not use
banks, is unregulated and not easily monitorable by government agencies.
Perfect for laundering drug money, engaging in drug or gun trafficking,
or just hedging your bets against bank runs and/or massive inflation
that devalues your local currency. (Photo Credit: ZCopley@Flicker)