Cyprus man: 'I went to sleep Friday as a rich man. I woke up a poor man'

''Very bad, very, very bad,'' says 65-year-old John Demetriou, rubbing tears from his lined face with thick fingers. ''I lost all my money.''

John now lives in the picturesque fishing village of Liopetri on Cyprus' south coast. But for 35 years he lived at Bondi Junction and worked days, nights and weekends in Sydney markets selling jewellery and imitation jewellery.

He had left Cyprus in the early 1970s at the height of its war with Turkey, taking his wife and young children to safety in Australia. He built a life from nothing and, gradually, a substantial nest egg. He retired to Cyprus in 2007 with about $1 million, his life savings.

www.smh.com.au...

This really is quite sad isn't it. All these people losing nearly everything they have. We now know that Cyprus haircuts could be as much as 60%. For some business accounts it can be as much as 80% (although these businesses supposedly will receive back 20% within 5 to 7 years so it's still technically 60%).

There's also a fairly disturbing thread going on at the bitcoin forum right now titled "My bank account's got robbed by European Commission. Over 700k is lost.". I feel like making another thread about this but I think including it here is more appropriate.

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.

bitcointalk.org...

reply to post by ChaoticOrder


No-one held a gun to Cyprus's head when they signed on to the EU.

On the contrary, the deal was more Faustian, then anything else.

Well, the devil is calling in his marker. Time to pay up!

reply to post by ChaoticOrder


The one thing I don't understand is why people are just taking this. It leads me to believe there are one of two scenario's going on here.

-This whole thing is made up. Not saying the banks aren't confiscating folks money but the scope is being way over hyped.

Or...

-People really are sheep. Someone takes your life's savings, your life's work, your life's worth and flushes it down the toilet. You just take it? You don't even put up a fight?

Why are there no stories of people burning buildings (aside from the bank fire)? Why aren't there people in the streets?

It makes no logical sense to me.

reply to post by litterbaux

Why are there no stories of people burning buildings (aside from the bank fire)? Why aren't there people in the streets?

I'd say there probably have been some small riots but it's not being reported on by the MSM. I think I remember reading something about a small riot but I can't bothered looking. I think the reason we aren't seeing massive riots is because private accounts with less than €100,000 will be untouched. So it's mainly businesses and moderately rich individuals who have to deal with these haircuts. If the poorer classes were affected I'm sure there would be much larger riots.

reply to post by litterbaux


Who do the people fight? Brussels? That's a long way to go when you've got no money to even leave Cyprus with. Isn't there something about leaving with cash? Anyway... Do what? shoot people? Again, with what? I don't see what you'd have these ordinary people do exactly.

If they fight, they need to be willing to die just as soon as kill. Fighting isn't about slaps after all...and perhaps none of them see money as being worth taking OR giving life over. Perhaps just short of it ....but, it's kinda hard to fight what can't be seen, reached or even drawn attention from.

When they do something to you ..what's your plan? It seems pretty cold to dump on these folk right now. The EU has basically ruined them to a person.

Of course... So many just thought "get the rich!! Evil rich! Down with them all!" ...and never even considered for an instant..some of those 'rich' were like this guy. BIG dollars ...but a whole life of working himself into the ground to earn every dime of it. Now? Well... Someone figured he was too rich to keep it. He must be just dead inside now.

I wonder if people had cash in safety deposit boxes if that was taken too? I just got this vision in my mind of a show in the US called The Sopranos...about an Italian Mob family....they had very clever ways to hide thier cash....my nest egg is gone...about $200,000...long story....but if I ever had that kind of money and assets again...I would do things sooo much different....live and learn I guess..try and warn others...

Very sad what happened to this man and the other customers that got robbed...the only "legal" deal you make will be used against you.......you will be held accountable...cause Hey, fair is fair right??? Seems not so much for the banks you made the deal with......."Makes me want to Holler"........



www.youtube.com...

opps

reply to post by Wrabbit2000


I see what you're saying. Money really is just paper. It's not worth putting your life at risk over.

I just expected a little more response if this whole ordeal is being portrayed at face value.

how come the bond holders, never lose,
in todays world there is no "default" because of the bail outs
so the bond holders are protected from loss,
and instead the people with CDO's (collateral debt obligations) arent ever having to pay out on drops in bond prices,
so instead the people who did the correct thing by saving are "saving" the people who bought crummy bonds and hedged with cdo's.

it makes no sense, its like they are saying "no matter what happens no one will default" under any circumstances ever,

and that begs the question, if bond holders cant lose and CDO's cant be triggered,
how are they risking anything on their "bets"
if they win their bond bets, they make off like bandits,
if they lose everyone losses savings

am i missing something or is this just a case of a default without calling it a default triggering losses on the average person instead of the big banks hedging the big bets?

xploder

Originally posted by beezzer
reply to post by ChaoticOrder

 

No-one held a gun to Cyprus's head when they signed on to the EU.

On the contrary, the deal was more Faustian, then anything else.

Well, the devil is calling in his marker. Time to pay up!

Indeed, I don't feel sorry for any of them. They ASKED for this, when willingly handed over their sovereignty to the Germans and the French, then to an international banking cartel.

Idiots.

reply to post by Rockpuck

Indeed, I don't feel sorry for any of them. They ASKED for this, when willingly handed over their sovereignty to the Germans and the French, then to an international banking cartel.

Isn't a bit unfair to lump all of "them" in with the politicians and officials who did that in the first place? I hardly think this guy who chose to retire in Cyprus with his life savings had any part in it did he, so why must he now pay the price? I highly doubt the majority of the population had any intention of handing over their sovereignty to the international banking cartel. They were scammed by their so called leaders who conduct these deals behind closed doors.

ΜΟΛΩΝ ΛAB

Come and take it.

I guess they took it....

...the money


BZZZZZ!!!!!

reply to post by ChaoticOrder


I really don't understand why aren't they fighting back against this thievery? How can they passively accept the banks and government taking away their hard working money to actually save these false institutions we all wish to see go down in the rubbish of history?

Now it's time, the revolution to free the world can begin, since the banks have declared a non-violent war and the population somehow accepts it? It is a one sided conflict only because the other side doesn't know its true rights, and that is to demolish the same institutions that are supposed to work for them and not against them.

Why aren't the Cypriots fighting back??

reply to post by beezzer


We (The people of the Netherlands) voted against the EU

Result, the government ignored it, and went ahead signing in anyway.


In short: There is no real democracy left anymore.

I can't feel sorry for these people one bit. Modern banking is a money making scam to make the bankers richer and never has protected the money of the people. This has been known for decades and yet, foolish people put their trust and money in banks. You might as well go to the casino every night. I haven't used a bank in over 30 years and am very happy about it.

Originally posted by Rockpuck

Originally posted by beezzer
reply to post by ChaoticOrder

 

No-one held a gun to Cyprus's head when they signed on to the EU.

On the contrary, the deal was more Faustian, then anything else.

Well, the devil is calling in his marker. Time to pay up!

Indeed, I don't feel sorry for any of them. They ASKED for this, when willingly handed over their sovereignty to the Germans and the French, then to an international banking cartel.

Idiots.

I think the problem there is that with these people? 'There but for the Grace of God, go I'. In this case? There for but time alone, actually. Our turn is coming and we'll have just as little sympathy I'm afraid. We may be forgiven electing Bush the first time. The wars hadn't begun, nothing had started. No patriot act had even been considered and the man would have been impeached for even suggesting it outside stand-up comedy before 9/11.

We, in America, lost all that 'wasn't our fault' when we re-elected him ...and I was among those who voted. ANYONE but Kerry. At least he wound up where he'll do well in the end, but I digress. Relecting Bush brought Greenspan to Bernanke at the Fed and it helped pump up for the dump of the Real Estate market. That started the whole downward economic spiral, after social had already begun.

What do we do then? Then the right lets Romney end up nominated insuring a 3rd Bush term no matter WHO won. Some of the precise same people in fact. Bernanke? Back by Obama's selection this time. So... We helped make Cyprus happen, albeit far less directly than the EU decision here. We'll have our turn tho...by now, it's pretty clear whats coming for one is pretty well coming for all eventually.

reply to post by beezzer


It has nothing to do with the EU, its just bad local governance and mismanagement of the local economy. Cyprus was bankrup,t since within the EU a nation "can't default" (not in the interest of those with any money) or devalue its currency (EURO) they have to get funds to survive without a state collapse. The EU and the IMF only provide a safe-line but in return impose some obligations that guarantee that they will see the money returned. It is not a bailout like the media is stating nor is it a help, its a loan with hash conditions. The alternative would be the failure of the Cypriot state, much worst than with Island, more like Argentina, the living conditions would then with luck match Zimbabwe for the next decades (at least that is what they claim, I guess that it would be extremely hard but not as hard as they announce, it depends on the strengths of the local economy)...

reply to post by Panic2k11


reply to post by EartOccupant


I won't pretend that I know a lot about the EU and the conditions placed upon the nations that chose (or didn't) to join.

What I do know, however, is that when you have a central currency, yet disparaging economic conditions, you would end up with an imbalance resulting in conditions found in Italy, Greece, Cyprus, Portugal, Spain, and not in France (?) or Germany.

reply to post by beezzer


One thing that you should comprehend is that the EU is not the same as the Eurozone and that the EU is not a confederacy or a federation.

The EU is the child of a project to get rid of wars in mainland Europe due to strategic resources starting to coal and steel and resulting in the EU we have today that tends to be a free economic space with freedom of movement in most nations belonging to it and an attempt to streamline the diverse legislations. This is basically it...

There is indeed movement to turn the EU into a Federation the attempt to adopt a European Constitution for example (this of course is mostly shenanigans and most Europeans dislike the bloated bureaucracy that the EU as evolved into, mostly due to attempt to make every one happy, especially politician and families of Europe wide political parties, for instance the Popular Parties (right wing), Socialist and Democratic Socialist and Communists form cross European blocks). This demonstrates that politicians will mostly favor a Federation of sorts (with the exception of the right that tends to be too nationalistic to clearly agree with that). The future for the EU is evolving into a federation or dissolution.

The issue with a federation is the centralization of power and policy, this is what is holding it back and the fact the UK will never agree to enter into a Federation (The Crown and all that, the UK is mostly on the EU to avoid being left out and as a way to continue to be geopolitical relevant to the US). Another issue of a federation is a central budget (less people with the finger in the pie and to a degree better control of the money, no more sticky fingers) but that requires a normalization of tax policy and economic policy...

Because the EU has not a tax policy or an economic policy its members continue to compete amongst themselves, similar to the US in relation to states that offer tax breaks etc but worst because the taxes are all state taxes (except a fraction of the tax on consumption IIRC, even that is set by each state) this and the lack of management of resources and production (except maximum quotas for each product, that are often surpassed or traded), a policy for agriculture that is basically to make France happy (the UK opted out and gets money back in return).

Take all that and add the EUROzone. Shares a single currency, single central bank (same function as the FED but completely different organization) and you see the problem in keeping the value of the currency competitive to all states (exports and imports, even inside the EUROzone). The so called PIIGS are the peripheral economies but its interesting to note that the EURO was in part the tool that permitted the unification of Germany, even with costs to those in the periphery.

The problem with the periphery is that their economy was mostly dismantled and transformed mostly in benefit of the central power houses that were more efficient without consideration to the long term, they were in part compensated and even got grants to improve infrastructures for instance Portugal in relation to its size has Europe's largest freeway density, this to demonstrates that political corruption is prevalent in the periphery, that is why we get the cases of the submarines in Portugal and Greece, the banking system in Ireland (that was previously pointed out as an example of economic success), the issue with the housing boom in Spain and the inability to those nations to deal with the cheap loans that they had access that was suddenly pushed from under them due the US crisis, forcing them to deal with their lack of sustainability. Something that was already known but not taken seriously...

Originally posted by Rockpuck

Originally posted by beezzer
reply to post by ChaoticOrder

 

No-one held a gun to Cyprus's head when they signed on to the EU.

On the contrary, the deal was more Faustian, then anything else.

Well, the devil is calling in his marker. Time to pay up!

Indeed, I don't feel sorry for any of them. They ASKED for this, when willingly handed over their sovereignty to the Germans and the French, then to an international banking cartel.

Idiots.

Yes, in 2001 they came to my door and asked me if I wanted to join the EU.
Give me a break with this arrogant stance, both of you.

The lack of compassion now will serve you well when its your time.

Stop mixing government and people in the same sentence.