Imagine you wake up one day and your bank account has been plundered…

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Hi.

Imagine you get up one day and someone took money from your bank account. Without asking you, without your permission.
What will you do? Police, criminal complaint, trying to get the money back? I think that would be the normal way, isn’t it?

Well, exactly this just happened. Not (only) with me. But with all customer of Cyprus banks. And the money wasn’t withdrawn by a militant hacking group. No, it was withdrawn by the bank itself. Confused? Let me try to explain with the information I got out of several news feeds.

So… it’s known that Cyprus is also in the crisis. It was asking for 17 billion Euro from the EU relief fund. The EU decided they’ll get 10 billion Euro now. But before they decided that the Cypriots also have to ‘help’. More precisely the finance minister of the IWF and the EZB decided a forced fee of 6,75% of all bank accounts up to 100.000 Euro and 9,90% over 100.000 Euro. This amount will be taken of all accounts in a Cyprus bank.
Just like that?

Yes, just like that. Without any notice before, without asking. On friday the world was still fine for the Cypriots. On Saturday morning not anymore, the money was already frozen and first after that they spread the information about this forced fee in the news. Now is bank holiday in Cyprus and the banks open first on Tuesday again, that’s why they deactivated also the transfer forms in the online banking. To prevent that the people transfer their money to bank accounts outside of Cyprus.

And that is not everything. There is no law for such actions. This will be done till Tuesday. Basically that means that first you condemn a criminal and after you make the law on which this condemn is based on.

With this step Cyprus attains 5,8 Billion Euro from bank accounts in Cyprus banks. Expropriation… that reminds me on war. And – to be honest – I wouldn’t be surprised if something similar would be happen on Tuesday, when the banks are open again and the money is really gone.
Cypriots are not that willing to resort to violence as Greeks … but they also hold back their rage. … We will see.

Now we could say ‘Yes, it’s correct like that. The EU is also paying 10 Billion Euro. Then the Cypriots can also help by themselft.’. Correct so far. But there is no selection. It hits everybody. The millionaire as well as the unemployed, the pensioner, the father who saved money for the wedding of the daughter, the son who worked hard for years to make their family a good home…

Also Cyprus just became a guinea pig. Because if this works here in Cyprus, then they can do it also in other countries. With more bank accounts, to get more money.
If I try to imagine that they do the same in one month in Greece… it will end very badly.

Ok, lets wait and see what happen on Tuesday, when the banks open again. If the money is really gone and if they made this law. Without law, no fee.

On my bank account nothing happen so far. Except that I can’t transfer any money. But I’ve heard from other people they they froze this amount already or even took it from the account. But how correct this information are, I can’t say or prove.

I’ll write an update next week, when I have more information… if I’ll be still here and not already on the run.

Best regards
Gordon

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