Deposit money with the bank, the bank goes bust, the creditors seize the money.
The only thing that protects depositors, is the scheme that exists in the UK, whereby deposits up to a maximum value are protected by a government scheme. The actually sum, has recently been reduced.
The banks should have been allowed to go bust, small depositors were protected. Not, trillions of dollars of confected money created to prop up criminal banking sector.
What happened in Cyprus in 2013, the EU stole money from anyone with over 100,000 euros in the bank.
https://keithpp.wordpress.com/2013/03/25/cyprus-the-eu-vassal-state/
Corrupt politician were tipped off, as was Russian Mafia, and all their dirty money was withdrawn before EU stole money.
The people who were hit were small businesses, who, at the start of the tourist season had surplus funds in the bank, ready to restock, pay wages.
A car hire business was very lucky, they bought new cars a few days before the theft, also paid student fees for daughters, took them below 100,000.
What happened in Cyprus was a trial run for Greece two years later.
https://medium.com/dark-mountain/the-man-who-knew-too-much-1421f2e53b57
Cyprus crisis created interest in bitcoin, a quick and dirty means to transfer money out of euros, out of Cyprus.
https://keithpp.wordpress.com/2016/01/02/masters-degree-in-bitcoin/
But it was not only the theft of money by EU. Banks shut their doors, the banking system stopped functioning, no one could get credit. Businesses were having to pay their suppliers on delivery in cash. The tourist industry took a hit, no one who had not booked a holiday was going to go to a country where they could not be certain anything would be functioning. Cypriots, even months later, were in a state of shock, they saw it as the worst crisis since Turkey invaded in 1974. Turkish military still occupies the north of the island.
What was tragic, corrupt Cypriot politicians rolled over and let the Fourth Reich walk all over them.
The tourist industry has not recovered and has since gone into free fall.
Basically what this tells us, is that no bank deposits in euros are safe in the eurozone.
It also tells us that people must revert back to using cash. Why aid bank profits?
We must also move to open coops, sharing, collaborative economy.
https://keithpp.wordpress.com/2015/01/13/co-ops-sharing-commons/
We must also break up the banks, split casino banking from retail banking, force banks to pay into a bond scheme to protect small savers (we have similar scheme in UK for airlines and tour companies).
The signs are not good.
In UK the FCA is now back peddling on bank regulation, no prosecution of HSBC for money laundering and tax evasion, scrapping of an investigation into the spiv culture in banks, green light to obscene bank bonuses, peddling of dodgy products (Santander is to hire new staff to peddle dodgy financial products).
http://www.bbc.co.uk/programmes/b06vf0cb
http://www.bbc.co.uk/news/business-35267459
The financial sector has been allowed to grow too big where it is a dominant sector of the economy. It must be smashed. Other sectors of the economy supported, investment in green infrastructure.
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