Quote from: marcus_of_augustus on August 02, 2015, 02:53:00 AM

Quote from: SolarSilver on July 31, 2015, 09:12:02 PM

Quote from: bitnanigans on July 31, 2015, 08:12:18 PM

Wow, this is crazy. Will this sort of thing also happen in Greece?
And it's scary that this is expected to be the same sort of restructuring that will affect EU banks. Is it safe to keep more than 100K EUR in any European banks at this point?

The EUR 100k limit is a temporary raise from EUR 20k and some countries have started lowering the limit back to EUR 20k

I think it is safe to assume that most of the money in most EU bank accounts does not really exist. AFAIK the last BIS Basel III 'accords' was for less than 8% Tier 1 capital backing. I.e. if more than 8% of the money in EU banks was to be withdrawn by the banks' customers they would be insolvent.

It is called fractional reserve banking, aka making up money out of thin air. It is how those banks can lend out at low % interest rates and still have multi million dollar buildings on every street corner in major cities.

i just saw the OP, and it is really depressing. I can only imagine how hard it is to start your own business, and to lose that hard work because of someone else's greed. It is just not fair. I really hope this does not happen in Greece as well.